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?
Gives you a warm, fuzzy, secure feeling that everything is perfectly safe doesn't it?
I doubt there is anything preventing Binance from doing whatever they want with the coins you place in their possession.