The withdrawals of USDC stablecoin have been resumed by Binance eventually following a halt that continued for several hours. As tweeted by the crypto exchange, the USDC withdrawals have been resumed by it. The crypto exchange expressed the clients for their patience.
Binance Resumes USDC Withdrawals Citing the Completion of a Token Swap
In one of its Twitter posts, in which Binance informed about suspending the withdrawals, it mentioned that it is organizing a token swap for USDC and this was the reason behind temporarily halting the token’s withdrawals. In the respective tweet, the company disclosed that the withdrawals of BUSD and USDT were unaffected and continuously available to the users while it will take some time to resume the USDC withdrawals.
As per the exchange, they would resume after the completion of the token swap. Changpeng Zhao, the CEO of Binance, also remarked on this in a tweet noting that an elevation has been witnessed in withdrawals. Nonetheless, he added, there was a need for a New York-based bank to transfer PAX/BUSD tokens to USDC and that the consumers were required to wait for a few hours until the opening of the banks for the restoration of the USDC withdrawals.
As was informed before, the exchange assured the consumers a few hours after that the withdrawals were back online and that they can avail of the service again. This signifies that the accomplishment of a token swap dealing with USDC takes into account the exchange of one crypto token for another with no utilization of traditional currencies, as reported on Tuesday.
PAX/BUSD pair contains two digital tokens containing one as Paxos Standard and Binance USD as the second one. In his tweet, Binance CEO revealed that the tokens in such pairs have 1:1 conversions with no leverage or margins involved. According to him, the crypto exchange would consequently develop additional fluid swap channels. He was of the view that the consumers were permitted to extract any other of the stablecoins as well.
Stablecoins, according to their definition, play the role of the crypto assets which are pegged to the value of real-world assets such as oil. In this way, the marketplace engines are permitted to conveniently exchange funds with these crypto assets. That is how they are considered significant for the whole crypto market. Simultaneously, Coinbase (a rival exchange of Binance) had participated in founding the stablecoin USDC.
Crypto Exchange Starts Binance Pay Service for US Consumers
Binance told back in September 2022 that the platform would by default convert customer balances as well as the latest deposits made in USDC as well as a couple of other stablecoins into Binance USD (the local token of the exchange). Both the events of the halt put on the withdrawals and its removal took place on the same day when the exchange started Binance pay (its system of payments) for consumers living in the United States.
This facility, which allows consumers to send their funds through the mobile-based application of the crypto exchange, has been offered to customers living outside the US jurisdiction since the previous year.
In a press release that was published on Tuesday, the crypto exchange brought to the front that this service minimizes the complications related to the crypto transfer to contacts. As per it, the clients do not require entering complicated withdrawal or deposit addresses.
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