Breaking: Binance Suspends All Crypto Withdrawals

By Prashant Jha
November 1, 2021 Updated November 1, 2021
Best In

Telegram

Newsletter

Binance
Binance CEO Changpeng Zhao

Binance, the world’s leading crypto exchange by trading volume has suspended all crypto withdrawals for the time being. The official announcement from the crypto exchange assured customers to not worry about their funds as they are safe. The crypto exchange claimed that the suspension of crypto withdrawals was to clear the heavy backlog that has piled up over the past few days.

The crypto exchange recently revealed that the trading volume crossed $1 billion on its platform on a single day, when $BTC touched a new all-time high of nearly $67,000. Thus the heavy backlog is understandable. 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 Resumes Crypto Withdrawls

The crypto exchange has resumed crypto withdrawals on its platform within half an hour of suspending and now users can take their funds out. There will be a temporary delay in withdrawal processing as the backlog is cleared. It will last about 30 minutes.

Binance also added  $SHIB/$DOGE trading pair earlier today to help traders easily move their funds within the meme currency. The decision comes on the heels of Shiba Inu’s mammoth rise of nearly 1,000% in October.

Binance is currently recovering from the series of regulatory warnings issued against its global platform from nearly a dozen countries. While things seemed to look south for the crypto platform, it has bounced back strongly by taking appropriate regulatory measures and working with regulators around the globe to ensure full compliance.

Binance chief ChangPeng Zhao has also revealed plans to build a centralized headquarters and build independent offices in countries where it is currently offering its services. While regulatory trouble seems to be at bay for quite some time now, the crypto exchange can use the opportunity to get back on its build mode.

 

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Next Story