Binance Temporarily Suspends Withdrawals to Resolve an Issue, Says Funds are SAFU

Binance, the world’s largest crypto exchange by trading volume, has announced that it has temporarily suspended withdrawals due to an issue with a “third-party technical provider.”

The new development was announced via Binance’s official Twitter handle a few hours ago. According to the report, the action may not affect all networks, but it should be expected that withdrawals will be suspended for the majority of networks on the trading platform.

The particular issue with the third party in question was not disclosed, but the exchange said its team is responding accordingly and withdrawal should be restored for all networks within one hour.

Binance tweeted, “Earlier today, around 07:00am UTC, Binance temporarily closed withdrawals for multiple networks due to an issue with a third-party technical provider. Our team responded quickly, resolving the issue within 1-hour. Funds are SAFU. Thank you for your patience and understanding.”

When Last Did Such a Pause Happen?

Back in June, such a withdrawal suspension was placed on Bitcoin (BTC) by Binance. Back then, the CEO of the exchange, Changpeng Zhao (CZ), said the decision was necessary because a stuck transaction was causing a backlog.

Although CZ initially said that the issue would not last more than 30 minutes, he later stated that it might take longer than expected. Back then, normal withdrawals of Bitcoin (BTC) resumed after several hours of keeping users waiting.

So, considering the past experiences with withdrawals, the current pause may last for more than an hour, contrary to what was stated in the announcement.

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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.