Binance halts USDC automatic conversion BUSD function as USDC capital output exceeds $3.5 billion

03/11/2023 00:10 • Metaverse Matters • 89 views

On March 11, according to the Binance platform, the USDC automatic conversion BUSD function has been temporarily closed. According to the asset certificate of Binance platform, the USDC capital output of Binance platform exceeds 3.5 billion dollars.

The USDC automatic conversion BUSD function of the Binance platform has been temporarily turned off

Analysis based on this information:

The Binance platform recently announced the temporary closure of the USDC automatic conversion BUSD function because the USDC capital output has exceeded an alarming 3.5 billion dollars. An asset certificate released by the platform confirmed the report. This situation raises concerns about the current state of cryptocurrency and the volatility of USDC.

Binance is one of the leading global cryptocurrency trading platforms. It provides users with a wide variety of trading services, including spot trading, futures trading, margin trading, and many others. The platform also supports the trading of different cryptocurrencies, including USDC and BUSD. USDC is an acronym for USD Coin, a stablecoin backed by the US dollar. BUSD is the Binance stablecoin and is also pegged to the US dollar.

The USDC automatic conversion BUSD function is a feature on the Binance platform that allows users to convert USDC to BUSD automatically. This feature was created to facilitate seamless trading activities and also to enhance the flexibility of trading on the platform. However, with the recent situation, Binance has temporarily closed the feature.

This temporary closure of the USDC automatic conversion BUSD function may be a result of several factors, including the high demand for BUSD or the reduction in the value of USDC. In the cryptocurrency industry, the volatility of digital assets is a common phenomenon. The market price of cryptocurrencies can change significantly, even within minutes. Therefore, it is essential for traders to stay alert and informed of these fluctuations.

In conclusion, the recent temporary closure of the USDC automatic conversion BUSD function may affect traders who rely heavily on the feature. However, it is a necessary precaution to prevent any negative impact on user accounts and Binance’s financial performance. Cryptocurrency experts suggest that traders should keep tabs on the market fluctuations and also diversify their investments to mitigate market risks.

Keywords count: 230

This article and pictures are from the Internet and do not represent aiwaka's position. If you infringe, please contact us to delete:https://www.aiwaka.com/2023/03/11/binance-halts-usdc-automatic-conversion-busd-function-as-usdc-capital-output-exceeds-3-5-billion/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.