Binance, the biggest crypto exchange there is, has halted all withdrawals amid a large backlog, and the company is still trying to make sense of what happened. All Binance customers at the moment are unable to withdraw Bitcoin or any other crypto assets out there. The very reason for this epic pause of withdrawals seems to be a large backlog. All kinds of withdrawals have been disabled, and people are extremely tense over the situation. There is no official word as to when withdrawals would start. There was a message left by Binance on Twitter regarding the situation.
They said that the developer’s team is consistently working to find a fix for this situation, and at the moment, all kinds of withdrawals are paused. They also said that it was a top priority for Binance right now, and any kind of inconvenience is highly regretted. This is not the first time that finance has gone offline in terms of issuing withdrawal, as in the past, there have been many instances where a big interest in crypto sent Binance into a rabbit hole and shutting down all kinds of withdrawal.
Other Exchanges were Working Properly
Binance, at the moment, has to deal with an extravagant load of people trying their best to withdraw funds. It happens to be the very reason why the exchange is under at the moment and is unable to process all these requests. Back in May, Binance went through something similar as the exchange had to temporarily shut down due to an increased backlog leaving many customers without any hint as to when the services would be active, and they will be able to withdraw their funds with ease.
Binance was heavily ridiculed at the time, stripping traders of millions of dollars in losses as they couldn’t go online to make a trade or withdraw their funds at the right curves of the market. It is not like other exchanges have also stopped their operation; despite the fact that Binance has stopped withdrawals, other exchanges are working at the optimal capacity.