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Al Jazeera
Al Jazeera
Business

Binance withdrawals hit $1.9bn in past 24 hours says data firm

Binance Zhao United States Changpeng Zhao Dante Disparte FTX Nansen Circle Cryptocurrency
Changpeng Zhao, CEO of Binance, said that some days the firm has net deposits and some days net withdrawals [File: Darrin Zammit Lupi/Reuters]

Binance has registered $1.9bn of withdrawals in the past 24 hours, blockchain data firm Nansen said on Tuesday, as the world’s biggest cryptocurrency exchange said it had “temporarily paused” withdrawals of the USDC stablecoin.

How cryptocurrency exchanges, such as Binance and its now-bankrupt former rival FTX, handle customer deposits is under close scrutiny from users and regulators. FTX founder Sam Bankman-Fried was charged by the US Securities and Exchange Commission on Tuesday with defrauding investors.

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