Binance temporarily halts withdrawals of stablecoin USDC as investor fears mount after FTX collapse
The move comes as investor concerns grow about Binance's stability following the collapse of rival exchange FTX as well as a report of a potential criminal investigation from the U.S. government.Jakub Porzycki | Nurphoto | Getty Images
The move comes as investor concerns grow about Binance's stability following the collapse of rival exchange FTX as well as a report of a potential criminal investigation from the U.S. government. Changpeng Zhao, CEO of Binance, tweeted on Tuesday that the exchange is seeing an increase in withdrawals of USDC, a cryptocurrency known as a stablecoin because it is pegged one-to-one with theUSDC is used by investors to trade in and out of different cryptocurrencies without the need to move money back into U.S. dollars. If traders are withdrawing USDC from Binance, it could be to move it onto another platform.
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