According to the CEO of Binance, Deposits are Coming Back to the Exchange

CEO of Binance
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After seeing a dramatic surge in withdrawals the previous day and pausing certain stablecoin transactions, the chief executive of Binance said on Wednesday that the exchange is once again accepting deposits and that “things appear to have stabilized.”

The blockchain analytics company Nansen said on Tuesday that Binance had witnessed withdrawals totaling $1.9 billion in the previous 24 hours, and that the exchange had stated that it had “temporarily suspended” withdrawals of the USDC stablecoin.

The company’s CEO, Changpeng Zhao, said in a tweet that “Things appear to have stabilized.” “Yesterday was not even in the top five for the biggest number of withdrawals that we handled.”

According to statistics provided by Nansen, the $1.9 billion worth of tokens based on the blockchain of Ethereum that were withdrawn on June 13 represented the greatest daily outflow over a period of 24 hours since June 13.

The manner in which cryptocurrency exchanges like as Binance and its now-defunct erstwhile competitor FTX handle client deposits is the subject of intense scrutiny from consumers as well as authorities.

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