Binance exchange has been heavily withdrawn. 

Binance exchange has been heavily withdrawn.

Altcoin news, News

On December 13th, daily withdrawals on the platform of the global cryptocurrency exchange Binance reached approximately $8 billion. This was a tremendous increase from the previous day. After the unexpected withdrawals, widespread panic set in and began to spread.

Binance CEO CZ tweeted “We saw some withdrawals today (net $1.14b ish). We have seen this before. Some days we have net withdrawals; some days we have net deposits. Business as usual for us.” 

Binance even temporarily halted withdrawals of the major USDC stablecoin, citing a token swap. CZ later tweeted that this FUD brought a “stress test”, which in turn helps to build credibility for exchanges that pass the test. 

CZ added “If you want to hold your own coins, feel free to use @TrustWallet. Please keep your private keys safe. Otherwise, we are here @binance.” 

A study that was distributed by Mazars the week before last said that Binance’s bitcoin assets were overcollateralized. As a consequence of multiple disturbing tales that were published about Binance and as investors were increasingly hesitant to deposit their money on controlled exchanges, there was a rise in the number of withdrawals.

Compiled by Coinbold

AI, Binance, BTC, CZ, Stable Coin, USDC