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Binance Temporarily Suspended Auto-Conversion of USDC to BUSD

Binance, one of the largest cryptocurrency exchanges, has announced the temporary suspension of auto-conversion of USDC to BUSD. The decision was made due to the current market conditions, which have resulted in high inflows and an increasing burden to support the conversion.

The temporary suspension of auto-conversion of USDC to BUSD is expected to impact users who were looking to trade between the two stablecoins. However, Binance has not provided any information on how long the suspension will last.

Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion.

This is a normal risk-management procedural step to take while we monitor the situation.
— Binance (@binance) March 11, 2023

Binance

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Binance Temporarily Suspended Auto-Conversion of USDC to BUSD

All Comments

Recommended for you

WLFI reserve firm ALT5 Sigma to be investigated for violating SEC disclosure requirements.

BTC briefly fell below $83,000

The S&P 500 and Nasdaq indices once hit new lows in more than two months.

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BTC breaks through $84,000

Polymarket predicts the probability of a 25 basis point rate cut by the Federal Reserve in December has risen to 61%.

Traders expect a greater than 50% probability of a Federal Reserve rate cut in December.

S&P 500 and Nasdaq 100 futures narrowed their losses.

Total liquidation amount across the entire network exceeded $2 billion in 24 hours.

Strategy's Executive Vice President sold another $1 million worth of MSTR stock.

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