Binance Says Things Have Stabilized after $1.9 Billion of Withdrawal Yesterday

Binance said that the havoc caused by a large amount of withdrawal from its investors yesterday has stabilized.

“Things seem to have stabilised,” Changpeng Zhao, chief executive officer of Binance, tweeted while saying that yesterday was not the highest withdrawals the exchange processed, not even top 5.

According to blockchain data firm Nansen, $1.9 billion had been withdrawn from the world’s largest crypto exchange in the last 24 hours. The exchange came out and paused the ability to pull money out not long after the withdrawal started to intensify, saying that it was conducting a “token swap,” a procedure of swapping one cryptocurrency for another without the need for fiat currency.