Binance Resumes Crypto Withdrawals After Technical Issue

Sahana Kiran
Source – Unsplash

The world’s largest cryptocurrency exchange, Binance, temporarily suspended cryptocurrency withdrawals. It attributed this pause to a “technical problem.” The exchange assured users that this interruption is not permanent.

The exchange employed X [formerly Twitter] to inform its user base about the temporary unavailability of withdrawal services while the team addressed the underlying problem. Nevertheless, the company assured that fiat withdrawals would remain operational. Binance reaffirmed the security of all funds. They also expressed regret for any inconvenience and pledged to provide updates on the situation’s resolution.

The CEO of the exchange, Changpeng Zhao, also reassured users about the safety of their funds, emphasizing that they are secure. He pointed out that the technical problem primarily involved a middleware service, which was affecting the withdrawal process.

Also Read: Binance Withdrawals Hit $1.4 Billion in 24 Hours Amid Struggles

Binance swiftly addresses ‘technical issue’

In under an hour, the exchange promptly responded on X [formerly Twitter] and confirmed the successful resolution of the problem. They stated that the issue has been rectified, and cryptocurrency withdrawals on Binance are now fully operational as normal. Additionally, they expressed gratitude for users’ patience and extended apologies for any inconvenience caused.

While some expressed gratitude for Binance’s prompt response, a few users criticized the exchange, labeling their actions as ‘lacking professionalism.’ One X user highlighted that such actions are extremely unprofessional, especially in the present market conditions, and should be avoided at all costs.

In the midst of these developments, Bitcoin (BTC) appeared to remain relatively stable in its price. Currently, the cryptocurrency is trading at $34,313, experiencing a modest 0.94% decrease over the course of the day. Notably, it’s worth mentioning that the leading cryptocurrency has recently surged by more than 20% in just the past few days.

Also Read: Binance Announces New Fiat Services Partnerships in Europe