Binance, one of the leading cryptocurrency exchanges, is facing a technical hurdle. Cryptocurrency withdrawals are temporarily suspended, causing concern among users. What exactly is happening?
Technical disruptions at Binance
According to an official statement on their platform, Binance has identified a “technical issue” affecting crypto withdrawals.
The main reason behind this suspension is a “technical problem” as revealed by Binance on one of its official accounts. The last withdrawal of an Ethereum account from the Exchange was made at 10:45 UTC. Only 18 minutes after this transaction, an update informed users of the situation.
Although crypto withdrawals are suspended, it is important to note that fiat currency withdrawals remain available. Binance has reassured its community by affirming that all funds are secure (SAFU) and that experts are hard at work to resolve the problem.
Although this situation may worry some users, Binance, with its expertise and reputation, is actively working to resolve the issue. In the meantime, users are advised to stay informed through the platform’s official channels and be patient.
Rapid resolution of the incident
Shortly after the initial notification, at 1:55 p.m. to be exact, Binance announced that it had rectified the technical anomaly, allowing withdrawals to resume.
“The issue is now resolved and all crypto withdrawals on Binance is now operating as usual. Thank you for your patience and we apologize for the inconvenience caused.”
This is not an isolated case for Binance. Indeed, in 2021, a similar anomaly was detected by the team and corrected in less than half an hour.
It should be noted that this interruption occurs during a particularly hectic period for the crypto universe, notably marked by the rise of Bitcoin. According to data from CoinMarketCap, the market saw a colossal trading volume, almost reaching $100 billion, not seen since the 2022 FTX crash.
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