CEO Changpeng Zhao said the pause is the result of a token swap with the USDC stablecoin.
conducting a token swap with the USDC stablecoin, hence the decision to pause
user withdrawals. A token swap, per ByBit, “involves the exchange of token types between two parties, from one blockchain to another.” The USDC is called a stablecoin since it’s value is 1 to 1 with the U.S. dollar.of USDC on Sunday and in the early hours of Monday morning, the exchange made the decision to pause withdrawals as the banks that could honor them were closed. Reuters, citing data firm Nansen, reported that these withdrawals of USDC totaled $1.9 billion.
We all need privacy, especially online. Your IP address and your browsing should be hidden from unecessary surveillance. Rest assured that PIA’s virtual private network never keeps any usage logs—ever.While an exchange pausing withdrawals is not inherently a bad thing, exchanges that have made that decision in the past have not fared well. Crypto exchange Celsius paused withdrawals for its 1.
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