A general sense of unease about the health of Binance continued through the market during the Asian trading hours on Tuesday.
On-chain data shows withdrawals across all chains hit the $1.8 billion mark during the last 24 hours. Data from Nansen shows that Paxos and Huobi were the recipients of some of this inflow, with around $162 million of net flow between the two exchanges.
Coinbase saw a sharp rise in inflow, specifically during the Asian trading hours, with around $124 million coming into the exchange during the day.
Binance’s exchange token, BNB, often seen as a barometer of the fortune of the world largest exchange by trading volume, is down 8% on the day to $259, according to CoinGecko.
Data from DeFi Llama shows that the total value locked in Binance Service Chain (BSC) decentralized finance (DeFi) protocols is down 4.5% during the past 24 hours.
Binance tweeted in the late afternoon Hong Kong time that it was temporarily suspending USDC withdrawals as it engages in a token swap between USDC and BUSD (which is administered by Paxos).
UPDATE (Dec. 13, 09:00 UTC): Adds comments from Zhao and Binance in seventh and eighth paragraphs.
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