Binance and Coinbase halt USDC conversions

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Changpeng Zhao; Photo Source: CZ/Binance (Twitter)

Crypto exchanges Binance and Coinbase have paused USDC conversions as the stablecoin fails to regain its USD peg.

Earlier, Circle revealed its $3.3B exposure to the now-defunct Silicon Valley Bank, causing the value of USDC to plummet to as low as $0.88.

Shortly after Circle’s announcement, Binance tweeted that the exchange has suspended auto-conversions of USD Coin (USDC) to Paxos-issued Binance USD (BUSD). 



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The exchange cited the current market conditions as the reason behind the suspension. Binance has also stopped the BUSD auto conversion facility for new deposits of Pax Dollar (USDP) and TrueUSD (TUSD), with the exchange adding,

“Users will no longer be able to withdraw USDC, USDP or TUSD from their BUSD balances.”

Similarly, Coinbase said the exchange has temporarily paused USDC to USD conversions. Unlike Binance, Coinbase will resume USDC conversions once banks reopen on Monday.

Blockchain transactions reveal that Circle has burned $1.4B worth of USDC tokens since Friday. Coinbase, which co-founded USDC with Circle in 2018, has also redeemed $850M USDC.

Written by
Author's profile picture

Ayush Pande

Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.

Connect with Ayush on LinkedIn

Crypto exchanges Binance and Coinbase have paused USDC conversions as the stablecoin fails to regain its USD peg.

Earlier, Circle revealed its $3.3B exposure to the now-defunct Silicon Valley Bank, causing the value of USDC to plummet to as low as $0.88.

Shortly after Circle’s announcement, Binance tweeted that the exchange has suspended auto-conversions of USD Coin (USDC) to Paxos-issued Binance USD (BUSD). 



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


The exchange cited the current market conditions as the reason behind the suspension. Binance has also stopped the BUSD auto conversion facility for new deposits of Pax Dollar (USDP) and TrueUSD (TUSD), with the exchange adding,

“Users will no longer be able to withdraw USDC, USDP or TUSD from their BUSD balances.”

Similarly, Coinbase said the exchange has temporarily paused USDC to USD conversions. Unlike Binance, Coinbase will resume USDC conversions once banks reopen on Monday.

Blockchain transactions reveal that Circle has burned $1.4B worth of USDC tokens since Friday. Coinbase, which co-founded USDC with Circle in 2018, has also redeemed $850M USDC.

Written by
Author's profile picture

Ayush Pande

Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.

Connect with Ayush on LinkedIn
Written by
Ayush Pande