Binance, the world’s biggest cryptocurrency exchange, is temporarily pausing withdrawals of stablecoin USDC, according to Reuters.
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The company’s CEO Changpang Zhao noted that swapping the stablecoin with Paxos (PAX) and Binance USD (BUSD) needs to go through a bank based in New York and the situation will improve when the bank reopens.
The company will also work on adding more fluid channels for swapping in the future. The inconvenience would be just one of many for a number of crypto enthusiasts who have been hit with temporary withdrawal halts at multiple crypto names so far this year.
In another development, FTX’s Sam Bankman-Fried has been arrested in the Bahamas in the aftermath of the debacle at FTX and Alameda Research.
Crypto volumes have continued to wane throughout 2022 and the two major cryptocurrencies, Bitcoin (BTC-USD) and Ethereum (ETH-USD) have dropped nearly 63% and 66% respectively over the past year.
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