Hassan Maishera
Binance Temporarily Suspends Withdrawals
Binance, the world’s largest cryptocurrency exchange in terms of trading volume, temporarily suspended cryptocurrency withdrawals earlier today. Users of the crypto exchange were unable to withdraw their cryptocurrencies to external wallets for at least 25 minutes as the exchange underwent maintenance.
The crypto exchange announced the suspension of withdrawals via Twitter before it proceeded to initiate the maintenance. Withdrawals were resumed about 25 minutes after the stoppage was announced to customers on its Twitter account Monday. However, 20 minutes after that announcement, the company tweeted an update that withdrawals had been closed again.
Binance said, “We have temporarily disabled all crypto withdrawals on https://t.co/QILSkzx7ac due to a large backlog. Rest assured, our team is working on it with top priority. Thank you for your patience and apologies for any inconvenience caused.”
Binance remains the leading cryptocurrency exchange in the world in terms of the daily trading volume. However, it has faced numerous regulatory pressure in recent months, forcing it to shut down some of its services in the United Kingdom, Europe and some parts of Asia.
The withdrawals are now back, with Binance users allowed to withdraw their cryptocurrencies to external wallets. The cryptocurrency market is having a positive start to the month, with most coins trading in the green.
Ether is up by 4.7% over the past 24 hours and is closing in on the $4,400 level again. The second-largest cryptocurrency by market cap could surge towards a new all-time high over the coming days if it maintains this momentum.
Bitcoin surged past the $62k earlier today but has cooled down and is currently trading above $61k per coin. Shiba Inu and Polkadot are the biggest winners in the market amongst the leading coins, rising by more than 17% over the past 24 hours.
