News
Binance Withdrawals Hit $1.9bn in Past 24 Hours Says Data Firm
Changpeng Zhao, CEO of Binance, said that some days the firm has net deposits and some days net withdrawals
The world’s biggest cryptocurrency exchange said it had ‘temporarily paused’ withdrawals as CEO said it was ‘business as usual’.
Binance has registered $1.9bn of withdrawals in the past 24 hours, blockchain data firm Nansen said on Tuesday, as the world’s biggest cryptocurrency exchange said it had “temporarily paused” withdrawals of the USDC stablecoin.
How cryptocurrency exchanges, such as Binance and its now-bankrupt former rival FTX, handle customer deposits is under close scrutiny from users and regulators. FTX founder Sam Bankman-Fried was charged by the US Securities and Exchange Commission on Tuesday with defrauding investors.
Binance, whose dominance of the cryptocurrency market was cemented by the fall of FTX, last week tweeted a so-called “proof-of-reserves report” by audit firm Mazars. The report showed its holdings of Bitcoin exceeded customer deposits on a single day in November.
The $1.9bn of withdrawals of tokens based on the Ethereum blockchain mark the largest daily outflow over a 24-hour period since June 13, the Nansen data showed, and accounted for the majority of the funds being pulled in the last seven days.
“Binance’s withdrawals are increasing due to the growing uncertainty about its reserves report,” a Nansen spokesperson said.
The withdrawals were “business as usual,” Binance CEO Changpeng Zhao tweeted. “We saw some withdrawals today (net $1.14b ish). We have seen this before. Some days we have net withdrawals; some days we have net deposits.”
https://twitter.com/cz_binance/status/1602676998094069760?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1602676998094069760%7Ctwgr%5Ef594c8234a561466e3c76e8bc6065a3c6ea89a54%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.aljazeera.com%2Feconomy%2F2022%2F12%2F13%2Fbinance-withdrawals-hit-1-9bn-in-past-24-hours-says-data-firm
A Binance spokesperson earlier said it always had “more than enough funds” to meet withdrawal requests. “User assets at Binance are all backed 1:1 and Binance’s capital structure is debt free,” the person said.
Asked whether Binance had enough USDC to meet USDC withdrawal requests, the person added it may need to move funds to online “hot” digital wallets from offline wallets, convert stablecoins from one another or carry out network upgrades, sometimes causing delays.
Binance said in a tweet about 16:54 GMT that USDC withdrawals had resumed.
Cryptocurrency news outlet CoinDesk reported earlier that Binance saw outflows of $902m on Monday.
Binance has already been under pressure from authorities. Splits between US Department of Justice prosecutors are delaying the conclusion of a long-running criminal investigation focused on Binance’s compliance with US anti-money laundering laws and sanctions, Reuters reported on Monday.
Halted withdrawals
Earlier on Tuesday, Binance halted withdrawals of USDC, citing a “token swap” – where digital token holders exchange their crypto-coins, typically over different blockchains.
“On USDC, we have seen an increase in withdrawals,” Binance’s Zhao tweeted at around 08:20 GMT.
Binance said in September it would automatically convert user balances and new deposits of USD Coin and two other stablecoins into its own stablecoin, Binance USD.
Zhao said on Tuesday swapping USDC with two other tokens – Paxos Standard and Binance USD – requires using traditional dollars at a bank in New York. “The banks are not open for another few hours. We expect the situation will be restored when the banks open.”
USDC, issued by US-based firm Circle, is the world’s second-biggest stablecoin, and is used by investors to trade in and out of different cryptocurrencies without having to convert them to US dollars.
Dante Disparte, Circle’s chief strategy officer and head of global policy, said that there will be “challenges” relating to liquidity and redemptions when assets are swapped in the way Binance has done with USDC.
“The feature of liquid dollar digital currencies should be that they are redeemable on demand, and at par at all times, even during conditions of stress,” Disparte added.
itel, the technology empowerment brand for masses, officially unveiled its new product A300+, brand’s first interactive dual-screen smartphone in its price range. itel A300+ comes with a comprehensive set of features — a 7000mAh marathon battery, IP65 military-grade durability, and satellite communication capability, demonstrating that innovation and complete product strength can coexist at an accessible price point.
A First-of-Its-Kind Rear Screen Experience: Interactive Innovation for a New Generation
itel A300+ coming with an interactive rear display is a rare feature in this price category, designed to deliver a smart entertainment experience for young generations. Far from being a cosmetic gimmick, the rear screen provides practical functions built around real everyday scenarios. Users can frame selfies using the higher-quality rear camera with a live preview on the back screen, glance at incoming messages and alerts without waking the main display, and play, pause, or skip tracks directly from the rear screen. The rear display also supports customizable clocks, photos, and designs, giving users a personal window to express their individual style. Complementing the rear screen, the A300+ features a 6.78-inch immersive punch-hole main display, offering a cleaner, more expansive viewing experience for streaming, gaming, browsing, and social media.
Performance and Value in Balance: Delivering Fresh Technology Despite Industry Pressure
Even amid rising industry costs, itel has chosen to bring fresh technology to its products while continuously improving performance and keeping pricing accessible. The A300+ is powered by a 7000mAh marathon battery engineered for long-term reliability, supporting up to 1,200 charging cycles — far exceeding the industry standard, and designed to retain healthy capacity. AI Charging Protection intelligently manages charging patterns to reduce battery degradation, while Smart Power Management optimizes power consumption across apps and hardware to extend usage time between charges.
The device also features 300% ultra-volume DTS stereo speakers, delivering rich, room-filling sound for music, videos, FM radio, and everyday entertainment. Built to withstand daily life and beyond, the A300+ carries IP65 water and dust resistance certification and meets military-grade durability standards, resisting splashes, dust, and accidental drops. Notably, the A300+ includes satellite communication capability, ensuring users can still send basic messages via satellite when cellular networks are unavailable — a safety net in remote areas, during natural disasters, or in other critical situations, setting it apart in its price segment.
The A300+ is built on a clear product philosophy, rather than relying on a single headline feature, it combines its key strengths into one complete product story. The rear screen captures attention first, while battery life, durability, and practical usability make the overall value proposition convincing. With the A300+, itel once again demonstrates its commitment to using innovation to meet the needs and desire for novelty among young users in emerging markets.
The itel A300+ is available in two variants: the 64GB ROM and 128GB ROM and they are both available in all phone retail stores in Nigeria or via online store HERE
DJ ROBOT teams up with TMP OFFISIAL and FATEOFTHEYOUTH for NDSM DELUXE, a new DJ mixtape that expands the world of NDSM — No Dey Stress Me into a bigger, more energetic listening experience.
Built around DJ ROBOT’s approach to sequencing, mixing, and controlling energy, NDSM DELUXE transforms the NDSM mindset into a full sonic journey. The mixtape explores nightlife, pressure, temptation, confidence, freedom, desire, and the decision to simply refuse to let life overwhelm you.
Bringing together DJ ROBOT’s DJ-driven vision with the creative energy of TMP OFFISIAL and FATEOFTHEYOUTH, the deluxe edition adds new dimensions to the original NDSM message while maintaining its central philosophy: No Dey Stress Me.
Rather than simply extending the original project, NDSM DELUXE is designed as an experience — moving through different moods, rhythms, and moments while allowing each transition to contribute to the story.
For DJ ROBOT, the project represents an opportunity to communicate through energy as much as words.
“The original NDSM had more energy and stories to explore. I wanted to take the ‘No Dey Stress Me’ mindset beyond the song and turn it into a full DJ experience — something that captures nightlife, freedom, pressure, temptation, and the moments when you simply choose to enjoy yourself and live in the present.”
Listen below;
Nigerian artist N8TAN is set to unveil his highly anticipated ‘UPRISING EP’, a body of work that chronicles his journey from the streets to the heights of his musical ambition.
Built around themes of struggle, resilience, ambition, survival, and triumph, UPRISING captures the realities of an artist determined to turn adversity into momentum. The project reflects N8TAN’s experiences, the challenges that shaped him, and the relentless drive that continues to push him forward.
More than a collection of songs, UPRISING is presented as a story of transformation—from navigating the streets and confronting uncertainty to finding purpose, embracing growth, and rising toward the top.
With its blend of raw storytelling, infectious energy, and personal perspective, the EP offers listeners an intimate look into N8TAN’s world while reinforcing his determination to carve out his own place in the music industry.
‘UPRISING EP’ is a statement of elevation: a reminder that where you start does not have to determine where you finish.
As N8TAN continues to build his musical identity, UPRISING marks another significant chapter in his journey—and an invitation for listeners to rise with him.
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