Binance Reopens USDC Withdrawal and Clears Rumor Of Crisis Amidst Panic.

I received a message from a buddy yesterday asking me if I had funds on Binance and I should remove my funds because there's a high chance what happened to FTX was about to happen to Binance. It was no very big news to me because I had seen posts on Twitter warning people about Binance, I was just surprised it had gone that far. And yep, you guessed right, the withdrawals on Binance were outrageous while these posts were trending. I don't store funds on exchanges, but I had to remove the little dust usdt I had there as well, lol, at least it could cover my Internet subscription (this isn't the time to lose any money).

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To top the panic, Binance halted USDC withdrawals due to the outrageous requests for funds from customers and had to clear its name from the rumours of crisis and potential crash. So far, we all know halting withdrawals isn't a very good sign and I guessed this is why most people became more suspicious of Binance. I mean, looking back at the events in these past two month, halting withdrawals because of massive withdrawals meant something was up.

I'm not quite sure if anything is going down with Binance that we don't know of at the moment, perhaps a ripple effect of the FTX crash, but it was quite surprising to see how people still kept really huge amount of money on Binance, a centralised exchange even after all that happened with FTX and other well known centralised exchanges in the past.

Well, Binance released a statement and assured everyone nothing was wrong and there was no need to panic. They've reopened USDC withdrawals as at this morning, but I'd advice anyone using Binance to keep their funds off the platform especially if they aren't trading. There's still so much going on we don't know much about plus FTX crisis is still pretty fresh and as you know, panic is one of cryptos worst enemies, so it's best to just stay off centralised exchanges in general and probably find alternatives especially for keeping our funds if you're not trading them.