Binance halts all cryptocurrency withdrawals, due to ‘large backlog’

Binance halts all cryptocurrency withdrawals, due to ‘large backlog’

Leading cryptocurrency exchange Binance has stopped all cryptocurrency withdrawals from the platform. According to a Twitter announcement, this is “due to a huge backlog” and the team is already working on fixing the problem.

We have temporarily disabled all crypto withdrawals on 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

Incidentally, the withdrawals had been resumed a while after the initial announcement, with a note that read:

“There will be a temporary delay in withdrawal processing as the backlog is cleared. We expect this to last about 30 minutes.”

However, just a few minutes afterwards, that exchange again informed users that “crypto withdrawals have been closed again.” While the cause behind the issue, remains a mystery, for now, the tweet further added that details will be shared on Twitter soon.

Binance CEO, Changpeng Zhao also took to the platform to comfort the exchange’s userbase about the safety of their digital assets, tweeting,

We're on it. Funds are SAFU.— CZ 🔶 Binance (@cz_binance) November 1, 2021

The users did not seem reassured, however, with many criticizing the company’s relative lack of explanation and customer service.

Is this what he meant? @cz_binance— Isaac (@minombreeszach) November 1, 2021

According to the website istheservicedown, Binance has been having issues since 7 AM on Monday morning. The most reported problems were related to the website, transactions, and log-in. It also claimed that the most recent outage reports and issues were centered in Europe, but had spread out to the rest of the globe. Many users on this analysis website could also been seen complaining about being unable to log in to the exchange.

Network congestion is usually caused by an increase in outflow demand from the market. It is noteworthy that Binance is currently facing a lawsuit due to a malfunction in its futures and leveraged tokens products that had caused users to suffer liquidations and lose money.