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If they need to "boost their holdings" in USDC in order for their customers to withdraw these coins, what had they been doing with their customer's deposits ?

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Funny, it is an "exchange" that takes a deposit, but doesn't actually purchase the promised cryto holding until a withdraw is made.

Binance delisted USDC in september, since then the only way to "purchase" USDC on Binance has been by requesting and USD withdrawal via USDC.

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