Breaking: Binance Suspends All Crypto Withdrawals

Breaking: Binance Suspends All Crypto Withdrawals

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.

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 (@binance) November 1, 2021

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.

New trading pair: $SHIB / $DOGE 🐶➡️ https://t.co/jt2yBaBPTU pic.twitter.com/nRfyMKItQm— Binance (@binance) November 1, 2021

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.

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