Binance and Coinbase temporarily suspend USDC conversions
Cryptocurrency exchanges Binance and Coinbase, two of the top cryptocurrency exchanges, announced temporary suspensions of USD Coin conversions due to concerns about the fallout from the collapse of Silicon Valley Bank.> The move followed worries that Circle, the company behind USDC stablecoin, held some of USDC's cash reserves at Silicon Valley Bank, which was shut down by California's financial regulator.> Binance suspended auto-conversion of USDC to BUSD, citing "current market conditions" without naming Silicon Valley Bank.> The exchange called it a "normal risk-management procedural step to take while we monitor the situation."> Coinbase, the largest cryptocurrency exchange in the US, also suspended USDC conversion to USD while banks were closed over the weekend. More here.