Binance is announced As we adjust the token swap today, we are temporarily suspending USDC withdrawals. Additionally, it was announced by Tether that Binance will also be adjusting chain swaps.
Although the two processes are different, they arrived after a turbulent period of cryptocurrency exchange platforms. Potential investigations into exchanges and rumors about the downfall of his competitor FTX weren’t enough to quell market troubles.
Binance Linked Chain and Token Swap
A prominent cryptocurrency exchange platform announced today that it will conduct a token swap. The news was officially reported by Binance, who shared that they are suspending USDC withdrawals while the token swap takes place.
news came in Tweet It said the token swap would suspend USDC withdrawals.It then assured the client that both USDT and BUSD withdrawals would be unaffected by the swap.USDC withdrawals as soon as the swap took place. It finally states that it will be available.
a Tweet Binance CEO Chanpeng Zhao pointed out that the delay was due to logistical concerns surrounding the increase in USDC withdrawals. Additionally, cryptocurrency exchanges had to wait for the opening of swappable banks.
moreover, Tether announced The chain swap they were coordinating with Binance. In a tweet, Tether said that Chainswap will convert his Tron to Ethereum ERC20, which will be 3 billion USDT. Conversely, the report assured that Tether’s total supply remained unaffected.
A chain swap is a cryptographic practice of moving digital assets from one blockchain to another. In his statement, Tether said the operation “…will give traders access to a variety of blockchains that support the cryptocurrencies they hold.”
