Binance Suspends Crypto Withdrawals
Binance has temporarily suspended crypto withdrawals due to a “technical anomaly.” The last transaction from one of Binance’s Ethereum wallets occurred at 12:45 PM.
Having occurred after a record-breaking volume of crypto trading, the incident is the highest since the FTX crash in November 2022.
Update: Withdrawals have been reactivated at 1:55 PM.
Technical Issue at Binance
In a recent post on X, formerly known as Twitter, Binance informed users of a technical issue affecting cryptocurrency withdrawals. While fiat withdrawals remain available in affected countries, users looking to transfer digital assets must wait until the situation is resolved.
The last time Binance suspended withdrawals was in 2021, and the incident lasted less than 30 minutes.
Reactions and Clarifications
Seeking to reassure the community, Binance CEO Changpeng “CZ” Zhao tweeted that the problem stems from a “technical issue with an intermediary service.” He confirmed that all funds are safe, echoing the platform’s famous slogan, “Funds are SAFU.” It is worth noting that according to Etherscan, a withdrawal was processed at 12:45 PM, and the incident was announced 18 minutes later.
A Record-Breaking Trading Volume
This issue coincides with a critical moment for the crypto industry. According to CoinMarketCap, crypto exchange trading volume reached nearly $100 billion on Tuesday, a value that hasn’t been seen since the FTX crash in 2022. The surge in activity aligns with the increase in Bitcoin price, which recently reached a 16-month peak, surpassing $35,000.
The Return of Crypto Withdrawals
The issue is now fixed and all crypto withdrawals on #Binance are now back to functioning as usual.
Thanks for your patience, and we apologise for the inconvenience.
— Binance (@binance) October 25, 2023
Less than an hour after the withdrawal suspension announcement, Binance’s official account on X confirmed operations had returned to normal at 1:55 PM.