On USDC, we have seen an increase in withdrawals. However, the channel to swap from PAX/BUSD to USDC requires going through a bank in NY in USD. The banks are not open for another few hours. We expect the situation will be restored when the banks open. 1/2
— CZ 🔶 Binance (@cz_binance) December 13, 2022
“feel free to withdraw any other stablecoin, BUSD, USDT, etc.” in last he added
So Why did Tron Founder Justin Sun Deposit USD then Withdrawal again after 3 hours
Onchain Analysis of Justin Sun Transaction
Dec-13-2022 07:39:11 AM +UTC Before Zhao Tweet Justin Sun withdrew $100 million $USDC from Circle and transferred to Binance.
After the transaction was made CEO of the World’s number-one Exchange repost Justin Sun’s tweet and said “This is part of deploying BUSD on TRON, I think. Cross-chain swaps. Not sure of the details. Not directly handling it myself.”
11:10:23 AM +UTC Justin Sun withdrawal ~$100 million $BUSD from Binance only 3 hours after depositing. Justin
Tron Founder Justin Sun is like to give liquidity of USDC for Binance that’s why he swapped BUSD from USDC stablecoin, This comes just three hours after he deposited $100 million USDC to the same exchange. could be to show support during all the FUD, although if history repeats, he would send it to Paxos to redeem for fiat.
The Binance FUD becomes stronger that’s why investors moved money from the world’s biggest crypto exchange.
As per Reuters Article, Binance said in September it would automatically convert user balances and new deposits of USD Coin and other stablecoins Pax Dollar and True USD into its own stablecoin, Binance USD.