Zhao stated that any transfers into USDC from the stablecoin referred to as PAX, in addition to Binance’s own token BUSD, require routing by way of a financial institution based in New York which is not yet open. The suggestion from Zhao is that users are trying to convert their PAX and BUSD into USDC as a way to withdraw their funds from Binance.

Tether Limited additionally ran into authorized points as a result of its relationship with Bitfinex. In 2019, the new York Attorney General sued the two corporations. It alleged that in 2018, when $850 million in Bitfinex’s funds went lacking, it used $700 million from Tether’s reserves to assist cover the loss. Although the companies didn’t admit any wrongdoing, the owner paid an $18.5 million positive in 2021.

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