Binance temporarily suspended withdrawals

Cryptocurrency exchange Binance today informed that it temporarily halted withdrawals affecting various networks, mentioning a technical issue. 

binance-withdrawals-suspended

In a tweet posted on August 17, the crypto exchange remarked the incident occurred at 07:00 AM UTC, noting that the technical issue originated from a third-party service provider. Regardless, the exchange did not pinpoint the technical issues and the affected networks. 

Binance also explained that the team contained the issue within an hour while guaranteeing users that the funds were safe since it triggered the Secure Asset Fund for Users (SAFU). 

The exchange launched the SAFU feature in 2018 as an emergency insurance fund to safeguard users’ funds. The SAFU fund wallets contain BNB, BUSD, and Bitcoin (BTC).

Also read, SEC to investigate all crypto exchanges including Binance

Binance, which ranks as the world’s largest crypto exchange by market capitalization, also resorted to halting Bitcoin withdrawals around in June. According to the exchange’s CEO, Changpeng Zhao, the decision was made by a stuck transaction causing a backlog. 

Although Zhao had mentioned that the issue would be fixed within 30 mins, he later proclaimed that it might take longer than expected. The service was later restored after several hours. 

With the recent crypto market crash, many firms have gone for halting withdrawals mainly because of high volatility. For example, crypto lending platform Celsius declared a pause on all withdrawals before filing for bankruptcy.



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