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Binance suspends withdrawals of Bitcoin and other cryptocurrencies

The world’s largest volume crypto and Bitcoin exchange, Binance, has suspended withdrawals from its platform. This Monday, November 1, the company announced the novelty, which it justified because of “a long delay.”

Through a brief message posted on Twitter, Binance assured that it is a temporary suspension and that the exchange’s technology team is working on solving the problem “with the highest priority.”

We have temporarily disabled all cryptocurrency withdrawals on Binance.com due to a long delay. Rest assured that our team is working on it with the highest priority. Thank you for your patience and apologies for the inconvenience.

Binance vía Twitter.
Binance suspends withdrawals of Bitcoin and other cryptocurrencies

Although the exchange announced a few minutes later the reactivation of the system, it again suspended withdrawals shortly after. Finally, Binance has already reinstated withdrawals a couple of hours after the first suspension.

In response to Binance’s message, dozens of users commented that withdrawals have been taking longer than usual in recent days. However, the origin or extent of the failure is unknown.

Safe funds?

Bitcoin and cryptocurrency users took the opportunity to reiterate the importance of self-custody of their currencies, due to the risks involved in keeping deposits on platforms managed by third parties.

Likewise, there were those who questioned whether the funds deposited in Binance were really safe in their hands or there was a risk of loss for users. Some even wondered if there was any security breach behind the suspension of withdrawals.

Finally, a question arose about the situation and how Binance reported to be solving it: what is the point of solving a long delay by suspending withdrawals?, Questioned tweeter @mavis60181391.

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