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4pkjai

The crypto coins. Binance is a Crypto to Crypto exchange. You can't deposit or withdraw USD from Binance.

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These Binance web-pages suggests otherwise:

[1] https://www.binance.com/en/support/faq/how-to-buy-cryptos-wi...

[2] https://www.binance.com/en/fiat/deposit

My mistake!

Any idea why a New York bank is relevant then (per CZ)?

is it relevant? or is it a red herring.

Probably because the USDC is being held in a real bank account controlled by some unknown 3rd party who lives in some country without an extradition treaty.

Gives you a warm, fuzzy, secure feeling that everything is perfectly safe doesn't it?

how can USDC be held in a real bank account? doesnt make sense

The backing of USDC held in real bank account. They need to move real USD to Circle bank to mint USDC.

No, it doesn't --- unless they redeem them for USD.

I doubt there is anything preventing Binance from doing whatever they want with the coins you place in their possession.

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