Binance Temporarily Stops USDC Withdrawals As Investor Concerns Over Reserves Mount

Cryptocurrency exchange Binance announced on Tuesday that it is temporarily halting withdrawals of the stablecoin USDC (CRYPTO: USDC) while it conducts a “token swap.” The decision was made as investors worry about Binance’s stability in the wake of the collapse of competitor exchange FTX (CRYPTO: FTT) and charges being filed against its former CEO Sam Bankman-Fried  by the U.S. authorities.