Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin.
“On USDC, we have seen an increase in withdrawals,” Zhao tweeted early Tuesday.īinance said in September it would automatically convert user balances and new deposits of USD Coin and two other stablecoins into its own stablecoin, Binance USD.Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Binance CEO Changpeng Zhao downplayed the withdrawal of $1.9 billion in crypto currency in just 24 hours as “business as usual.” REUTERS The Nansen data came as Binance halted withdrawals of USDC, citing a “token swap” - where digital token holders exchange their crypto coins, typically over different blockchains. The report sparked a drop of almost 4% in Binance’s BNB token, traders told Reuters. anti-money laundering laws and sanctions, Reuters reported on Monday. Department of Justice prosecutors are delaying the conclusion of a long-running criminal investigation focused on Binance’s compliance with U.S.
#BINANCE WITHDRAWAL TO BANK FEE OFFLINE#
“User assets at Binance are all backed 1:1 and Binance’s capital structure is debt free,” the person said.Īsked whether Binance had enough USDC to meet USDC withdrawal requests, the person added it may need to move funds to online “hot” digital wallets from offline wallets, convert stablecoins from one another or carry out network upgrades, sometimes causing delays.īinance said in a tweet around Tuesday afternoon that USDC withdrawals had resumed.Ĭrypto news outlet CoinDesk reported earlier that Binance saw outflows of $902 million on Monday.īinance is already under pressure from authorities. Some days we have net withdrawals some days we have net deposits.”īinance CEO Changpeng Zhao ripped Sam Bankman-Fried in texts as FTX fellĪ Binance spokesperson earlier said it always had “more than enough funds” to meet withdrawal requests. “We saw some withdrawals today (net $1.14b ish). The withdrawals were “business as usual,” Binance CEO Changpeng Zhao tweeted Tuesday. Sam Bankman-Fried’s downfall and FTX’s implosion has left Binance as the world’s biggest crypto exchange. “Binance’s withdrawals are increasing due to the growing uncertainty about its reserves report,” a Nansen spokesperson said. The $1.9 billion of token withdrawals based on the ethereum blockchain mark the largest daily outflow over a 24-hour period since June 13, the Nansen data showed, and accounted for the majority of the funds being pulled in the last seven days. The report showed its holdings of bitcoin exceeded customer deposits on a single day in November. Securities and Exchange Commission on Tuesday with defrauding investors.īinance, whose dominance of crypto was cemented by the fall of FTX, last week tweeted a so-called proof-of-reserves report by audit firm Mazars. FTX’s founder Sam Bankman-Fried was charged by the U.S. Scrutiny of how crypto exchanges such as Binance and its now-bankrupt former rival FTX handle customer deposits is under close scrutiny from users and regulators.
Trendy Brooklyn bathhouse powered by Bitcoin mining draws heated responseīinance has seen withdrawals of $1.9 billion in the last 24 hours, blockchain data firm Nansen said on Tuesday, as the world’s biggest crypto exchange said it had “temporarily paused” withdrawals of the USDC stablecoin. Ex-FTX lawyer Dan Friedberg was SBF’s ‘fixer,’ paid ‘hush money’ to whistleblowers: lawsuitįTX reportedly begins talks to ‘reboot’ international crypto exchange after SBF disasterīankman-Fried loses bid to toss criminal charges over FTX’s collapse
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