Binance, one of the world’s largest cryptocurrency exchanges, has issued a key notification regarding upcoming Tether (USDT) transfers across multiple networks.
In a recent tweet, Binance stated it will be conducting a Tether token swap over the next few days, starting Nov. 6 across networks like Ethereum (ETH), Tron (TRX), Avalanche (AVAX), NEAR, EOS and CELO. This rebalancing of holdings is intended to maintain optimal liquidity and security across these networks.
Starting today, #Binance is carrying out a Tether token swap over the next few days across networks like ETH, TRX, AVAX, NEAR, EOS, and CELO to rebalance holdings.If you see funds moving in/out of our hot wallet, it is due to this routine exercise.Your funds remain SAFU. pic.twitter.com/akiu1slgE4
— Binance (@binance) November 6, 2024
The exchange highlighted that users might notice funds moving in and out of Binance's hot wallet during this period. However, Binance emphasized that this activity is part of the planned token swap and does not affect the security of users' funds.
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In its tweet, Binance reassured users that their funds remain safe and unaffected by the action.
"Starting today, Binance is carrying out a Tether token swap over the next few days across networks like ETH, TRX, AVAX, NEAR, EOS, and CELO to rebalance holdings. If you see funds moving in/out of our hot wallet, it is due to this routine exercise.Your funds remain SAFU," Binance said in its tweet.
Binance makes fresh attempt to dismiss SEC case
In a recent milestone, the legal team of Binance and former CEO Changpeng "CZ" Zhao have filed a new motion to dismiss the Securities and Exchange Commission (SEC) case against them.
As previously reported, Binance filed a move on Monday to dismiss the SEC's amended lawsuit filed last month.
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Binance argues in its filing that the SEC, in its Amended Complaint, pays lip service to the court's ruling that crypto assets are not in and of themselves "securities," but refuses to accept the logical conclusion of that ruling, which is that secondary market resales of the assets long after they were first distributed by their developers are not "securities" transactions.
Binance also requested in its filing that the court should strike the SEC’s requests for disgorgement from the cryptocurrency exchange and its former CEO, Zhao.
