Binance Resumes Withdrawals After A Forced Pause
Earlier today, Binance suspended the withdrawal of funds from the exchange, which scared many members of the cryptocurrency community. Some even saw it as a "bear market sign". However, now everything is in order with the cashing of money, and the CEO of the marketplace said that “all funds are SAFU”.
Based on social media posts, most users started having difficulty withdrawing from 7 am EST. At the same time, dozens of notifications about problems with the exchange began to appear on Reddit, which remained unanswered until the Binance team posted on Twitter an urgent notification to customers about the suspension of withdrawals.
The forced maintenance continued for several hours and, according to Binance, was caused by a "large data backlog." At the same time, the pause did not coincide with excessive price unrest in the market, which often became the main reason for such a “freeze” of withdrawals. In addition, Binance customers noted that there was no sharp surge in trading volume on the exchange over the past 24 hours, which could also affect the stability of the withdrawal of money.
When the team was convinced that everything was in order with the database, the trading platform was resumed. At the same time, user funds were not exposed to any risk, and Binance employees once again apologized for the inconvenience.
As a reminder, at the end of October, Binance Smart Chain's transaction volume exceeded $1.5 billion transactions. Considering the launch of the ecosystem just over a year ago, this achievement is truly impressive.
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