Binance CEO CZ posted on social media that on USDC, Binance has seen an increase in withdrawals. However, the on-ramp to convert from PAX/BUSD to USDC needs to be denominated in USD through banks in New York, which are a few hours away from opening, when they are expected to resume.
The underlying exchange transaction is a 1:1 conversion with no margin or leverage involved. In the future, Binance will also try to establish a smoother exchange channel. Meanwhile, withdraw any other stablecoins, BUSD, USDT, etc. at any time.