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Binance CEO Changpeng "CZ" Zhao said in a tweet Wednesday that things have stabilized after the crypto exchange paused withdrawals of its USDC coin for eight hours Tuesday to complete a token swap.
The USDC is known as a stable coin for its equivalence to the U.S. dollar and can be used to trade a variety of digital assets without the need to move money back into traditional currency.
Zhao said the company completed more withdrawals during the LUNA and FTX crashes than were performed on Tuesday, but still netted $1.14 billion during the abbreviated session.
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"Yesterday was not the highest withdrawals we processed, not even top five," Zhao tweeted. "We have seen this before. Some days we have net withdrawals; some days we have net deposits."
"Business as usual for us," he added.
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Recently, investors have called for more transparency from Binance’s as other noted crypto exchanges like FTX face collapse.
Last week, Binance refuted a report stating the Justice Department was undecided on whether it should pursue the company and its executives in a criminal investigation.
The possible charges include unlicensed money transmission, money laundering conspiracy, and criminal sanctions violations.
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Changpeng Zhao, CEO of Binance, speaks at the Delta Summit, Malta's official Blockchain and Digital Innovation event promoting cryptocurrency, in St Julian's, Malta October 4, 2018. REUTERS/Darrin Zammit Lupi (Darrin Zammit Lupi / Reuters Photos)