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Cash withdrawls have a ohysical aspect, cash. In the case of Binance, there is no such aspect. Obviously, banks have limits around cash withdrawls not the least
by hef19898 4y ago
Cash withdrawls have a ohysical aspect, cash. In the case of Binance, there is no such aspect. Obviously, banks have limits around cash withdrawls not the least due to limited amount of cash at hand at a given sight. Banks will happily allow you to wire transfer money wherever you want, since this is only a virtuap things and banks are required to have enough liquidity to serve those requests.
Crypto is no like cash.
- DSMan195276 4y agoIf I understand the Binance situation correctly they do not claim to be holding USDC for you, if you give them USDC then they convert it to their BUSD token (also a stable coin) and that's what's listed on your account. So when you withdraw your BUSD to USDC, they may have to go buy some USDC to actual service your withdrawal. I don't use them, I'm going off of this page: https://www.binance.com/en/support/faq/what-is-busd-auto-conversion-and-how-to-deposit-and-withdraw-usd-stablecoins-on-binance-7a2571c63d97459ab4e44a8dd01cf7e8 https://www.binance.com/en/support/faq/what-is-busd-auto-con...