Binance, the world’s largest cryptocurrency exchange, has lifted its temporary suspension of USDC stablecoin withdrawals after it conducted a “token swap” involving New York banks earlier this week.
This resulted in a record $5.2 billion worth of stablecoin outflows on Tuesday. In September, the exchange had a “BUSD auto-conversion” that switched out customers’ USDC, USDP, and TUSD coins for BUSD, a fiat-backed stablecoin created by Binance and Paxos.
Binance’s own BNB token dropped 2% in the past 24 hours, currently trading at $270.46 as of 1:40 a.m. in Hong Kong.
