Binance CEO Changpeng ‘CZ’ Zhao blamed banks for the exchange delay in processing USD Coin (USDC) withdrawals in a Dec. 13 tweet.
CZ added:
“These are 1:1 conversions, no margin or leverage involved. We will also try to establish more fluid swap channels in the future.”
The Binance CEO further urged users to withdraw funds using other stablecoins like USDT and BUSD.
The exchange’s official account also tweeted about the issue and said it temporarily paused USDC withdrawals due to conducting a token swap involving the stablecoin.
(By Oluwapelumi Adejumo)
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