Since USDC does not exist on the Binance platform and other stablecoin trading pairs, Binance announced earlier that users' USDC, USDP and TUSD stablecoin balances and recharges will be automatically converted to BUSD at a 1:1 ratio.
Users can also withdraw assets denominated in BUSD at any time at a 1:1 ratio to USDC, USDP and TUSD. Therefore, the platform must first convert BUSD to USDC when there is a large-scale USDC withdrawal.
Several controversies have arisen following the matter. Among them is whether users will be able to withdraw stablecoins on Binance?
Users on Binance can withdraw crypto at any time, Binance reported on their website. Binance will facilitate and fulfill users' cryptocurrency withdrawal needs seven days a week. Therefore, users can always withdraw their assets if they are worried about the current situation.
The net production of the platform on December 12 and December 14 amounted to 6 billion US dollars, as stated on the website. Binance also claims that its business strategy is very simple. The platform mostly makes money from transaction fees.
They state based on the data that there is no problem in their financial situation. They have sufficient capital reserves to support day-to-day operations and weather any challenging cycle.
Historical investment returns are as high as 2100% since Binance Labs was founded in 2018, and total assets under management have exceeded 7.5 billion US dollars.
Another controversy is about the Reuters report of the U.S. Department. launched a legal investigation, Binance stated that it was repeated rhetoric. Often the title of the report is often the subject of controversy.
'This is not the first time the media has portrayed us in this way. Other readers are only prepared to believe the catchy headlines”. For now Binance chose not to comment further on the matter.
