Binance Halts Crypto Withdrawals Due to Backlog Issues - TheNewsCrypto
- Binance has been experiencing problems since 7 a.m. on Monday.
- The website, transactions, and log-in, the most often encountered problems.
Binance, a well-known cryptocurrency exchange, has suspended all cryptocurrency withdrawals until further notice. According to a Twitter tweet, the staff is already hard at work resolving the problem. Following a short pause, the withdrawals resumed with the following message attached:
“There will be a temporary delay in withdrawal processing as the backlog is cleared. We expect this to last about 30 minutes.”
After a few minutes, the exchange informed clients that crypto withdrawals temporarily halted once again. While the cause of the issue, now unclear, the statement said that further information would available on Twitter soon. On the other hand, many customers were sceptical, citing the company’s lack of explanation and customer service as the reason.
Changpeng Zhao, the CEO of cryptocurrency exchange Binance, took to Twitter to reassure consumers about the security of their cryptocurrencies.
We have temporarily disabled all crypto withdrawals on https://t.co/QILSkzx7ac due to a large backlog.— Binance (@binance) November 1, 2021
Rest assured our team is working on it with top priority.
Thank you for your patience and apologies for any inconvenience caused.
Not Being-able to Log-in
According to the website istheservicedown.com, Binance has been experiencing problems since 7 a.m. on Monday. The website, transactions, and log-in, the most often encountered problems. It also noted that recent outage claims and problems were mostly focused in Europe but spread around the world. There were also several complaints from users of this analytical website about not being able to log in.
Increased demand on the market usually results in network congestion. Notably, Binance, now currently sued for a glitch in its futures and leveraged token products that caused customers to lose money.
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