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

Tether Limited additionally ran into legal points resulting from its relationship with Bitfinex. In 2019, the new York Attorney Normal sued the 2 firms. It alleged that in 2018, when $850 million in Bitfinex’s funds went missing, it used $700 million from Tether’s reserves to help cover the loss. Although the businesses did not admit any wrongdoing, the owner paid an $18.5 million high-quality in 2021.

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