Binance, one of the world’s leading cryptocurrency exchanges, has temporarily suspended crypto withdrawals due to a technical issue. The announcement was made via the exchange’s X account, previously known as Twitter.
📰Details of the Outage
Etherscan records show that the last withdrawal from one of Binance’s Ethereum wallets took place at 10:45 UTC. The update about the technical issue was posted 18 minutes later.
Changpeng “CZ” Zhao, the CEO of Binance, took to social media to address the issue. He mentioned a “technical issue with a middleware service” affecting withdrawals and assured users that their funds are safe (SAFU).
While crypto withdrawals are on hold, fiat withdrawals remain functional and are processing as usual.
📰Market Dynamics
The technical glitch comes on the heels of a significant trading day. Approximately $100 billion was traded across all crypto platforms on Tuesday, marking the highest daily volume since the FTX crash in November 2022, as per CoinMarketCap data.
The crypto market has been buzzing with Bitcoin’s price surge. The premier cryptocurrency is currently trading at $34,300, having reached a 16-month high on Tuesday.
📰Historical Context
This isn’t the first time Binance has faced such an issue. In 2021, the exchange temporarily halted withdrawals due to a “heavy backlog,” which lasted for approximately 25 minutes.
📰Conclusion
While technical issues are not uncommon in the fast-paced world of crypto exchanges, Binance’s prompt communication and assurance to its users highlight its commitment to transparency and customer service. Users are eagerly awaiting further updates on the resolution of the issue.
