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Binance suspends crypto withdrawal, reinstates, and blocks again, finally resuming an hour later

source-logo  thecoinrise.com 01 November 2021 12:36, UTC

The world’s largest crypto exchange Binance suspended crypto withdrawals for the time being with no clarity on when the situation will improve. However, it has also been said that the funds will be safe as this is only a temporary measure to clear the backlog that has piled up in the past number of days. 

According to the statement on the official Binance Twitter handle, 

“We have temporarily disabled all crypto withdrawals on http://Binance.com 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.”

Huge backlog in Binance signifies bullish momentum

But this wasn’t a one-time thing and happened again. After resuming crypto withdrawal nearly 30 minutes later, Binance tweeted that new withdrawal processing might take as much as 30 minutes because of the clearance of the heavy backlog. 

But, 20 minutes after the resumption of services, the crypto withdrawals on Binance were closed again. This time, it took more than an hour for Binance to resume its crypto withdrawal processes. This delay was criticized by many users who claimed to have their withdrawals pending for more than 2 hours. 

Many analysts have pointed out that this situation is a representation of an increase in the number of cryptocurrency holders on the platform as they withdraw their crypto into a safer option, i.e., cold storage. However, there is no accurate data on this.

Binance has been actively working to benefit its users and improve their experience on the platform. Earlier today, the platform listed the SHIB/DOGE trading pair so that it becomes easier for users to deal with meme tokens and move them inside the platform itself. 

Chanpeng Zhao, the CEO of the world’s biggest cryptocurrency exchange, tweeted that he has a lot of long-term plans currently in motion and “there’s much more to build.”

Interestingly, we recently reported, on October 21, the 1-minute candle of Binance US displayed some glitch where the king coin flash crashed by 87%. After the incident, exchange giant faced huge criticism.