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Withdrawal on Binance exchange return after temporary glitch

Changpeng Zhao

TL;DR Breakdown

  • Withdrawl returns on Binance after service was temporarily suspended.
  • Binance exchange remains number one crypto exchange.
  • Firm now working with regulators to end crackdown.

Binance exchange has announced that users can begin to withdraw coins on the platform after it initially announced temporarily suspending the service.

In the early hours of Monday, Binance exchange CEO Changpeng Zhao announced the suspension of all transaction withdrawals due to “a large backlog of data,” as the exchange put it. Zhao, however, assured that all funds were safe despite suspending withdrawal.

Binance informed users that withdrawal activity had been resumed but reversed that action a mere 20 minutes later. The firm apologized to its global customer base for the inconvenience and shared that further updates would be announced.

It is worthy to note that the exchange was not hacked or attacked as it only had a routine check on its operations when its withdrawal service temporarily went down.

Many other Binance exchange news

Emphasizing its feet as the number one crypto exchange, Binance exchange recently revealed that trading volume crossed $1 billion on its platform on a single day, when $BTC touched a new all-time high of nearly $67,000.

With Binance being one of the leading spot markets and among the top in the crypto derivatives market, Binance accounts crypto trading volume from numerous countries.

Binance exchange announced that it has added a $SHIB/$DOGE trading pair for traders to move their funds within the meme currency quickly. The pairing comes after SHIB surged by almost 1,000 percent in October.

Also, Binance exchange is just coming out of series of regulatory warnings issued against its from over 10 countries. Despite how tough regulators came for Binance, it has bounced back strongly by taking appropriate regulatory measures and working with regulators around the globe to ensure full compliance.

In line with cooperating with regulators, the exchange CEO said they would build a headquarters and build independent offices in countries where it is currently offering its services.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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