The world's largest crypto exchange will freeze all withdrawals of USD Coin while it conducts a "token swap" to boost its holdings of the dollar-pegged token, CEO Changpeng Zhao said Tuesday.
"On USDC, we have seen an increase in withdrawals," the Binance boss, commonly known as "CZ", tweeted.
Binance has faced questions over transparency about its reserves and reports of an imminent investigation by US prosecutors in recent days, which have rattled some crypto investors in the wake of the collapse of now-bankrupt rival FTX.
Crypto exchange Binance freezes withdrawals of stablecoin USDC as rattled investors pull $2 billion in fund
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