SINGAPORE, Dec 14 ― Deposits are returning and "things seem to have stabilised” at Binance, its chief executive said today, a day after it had a sharp increase in withdrawals and paused some stablecoin transactions.

Yesterday, blockchain data firm Nansen said that Binance had seen withdrawals of US$1.9 billion (RM8.4 billion) in the last 24 hours and that the exchange said it "temporarily paused” withdrawals of the USDC stablecoin.

"Things seem to have stabilised,” CEO Changpeng Zhao wrote in a tweet. "Yesterday was not the highest withdrawals we processed, not even top 5.”

The US$1.9 billion of withdrawals of tokens based on the ethereum blockchain marked the largest daily outflow over a 24-hour period since June 13, the Nansen data showed.

How crypto exchanges such as Binance and its now-bankrupt former rival FTX handle customer deposits is under close scrutiny from users and regulators. ― Reuters