In the last few hours, Binance has reported that it is experiencing an interruption in its cryptocurrency withdrawal services due to a temporary technical issue. The incident was announced through a post on the official communication platform.
The company clarified that fiat currency withdrawal operations are not affected by this interruption and continue to operate normally.
They also emphasized that user funds are secure under the protection of the Secure Asset Fund for Users (SAFU), providing a degree of reassurance to investors.
According to information provided by etherscan, the last recorded withdrawal transaction from one of Binance’s Ethereum accounts occurred at 10:45 UTC.
We are experiencing a technical issue with crypto withdrawals.
As a result, they are temporarily unavailable whilst our team works on the fix.
Fiat withdrawals are available and working.
All funds are SAFU. We apologize for the inconvenience and will update on progress.
— Binance (@binance) October 25, 2023
Binance responded promptly to the technical issue to preserve its image and transparency. Just 18 minutes after the incident, an official update was posted regarding the inconvenience affecting the platform.
Binance’s CEO, Changpeng “CZ” Zhao, also addressed the situation through his Twitter account, confirming the existence of the technical problem and assuring users that the platform’s team is actively working to resolve it.
Technical issue with a middleware service impacting withdrawals. Funds are SAFU. Our team is on it. 🙏 https://t.co/xWF25gyxRU
— CZ 🔶 Binance (@cz_binance) October 25, 2023
The Context of the Suspension on Binance
The temporary suspension of cryptocurrency withdrawals coincides with a period of high market activity.
According to data from CoinMarketCap, trades with a total value close to $100 billion were conducted across all exchange platforms in a single day.
This volume represents the highest level since the FTX crash in November 2022. Furthermore, this commotion occurs amid a bullish surge in the price of Bitcoin, which reached its highest level in 16 months, trading at $34,300.
This is not the first time Binance has faced an interruption in its withdrawal services. The last time withdrawals were halted was in 2021, citing a “considerable delay” as the cause of the issue.
However, the 2021 suspension lasted for approximately 25 minutes, highlighting the efficiency with which Binance addresses these technical challenges.
