Binance, the world’s largest cryptocurrency exchange by volume has resumed crypto withdrawals after 2-hour long suspension.
Earlier, the exchange announced that it had temporarily suspended all crypto withdrawals, citing a ‘large backlog’ as the reason behind the suspension.
Announcing its resumption of withdrawals, Binance apologized to customers for the inconvenience caused.
Timeline of events
- At 12:37 pm, the exchange announced that it was suspending all withdrawals and stated that the reason behind it was as a result of a ‘large backlog’. It stated, “We have temporarily disabled all crypto withdrawals on 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.”
- After 25 minutes, at 13:02, the exchange announced that withdrawals had resumed about 25 minutes after the stoppage was announced to customers on its Twitter account. It stated, “Crypto withdrawals have been resumed. There will be a temporary delay in withdrawal processing as the backlog is cleared. We expect this to last about 30 minutes.”
- 20 minutes after the resumption announcement, the exchange tweeted again at 13:22, that withdrawals had been closed again. It stated, “Update: crypto withdrawals have been closed again. We apologize for the inconvenience. Further updates will be shared in this thread.”
- After 1 hour 26 minutes, at 14:48, the global exchange tweeted that withdrawals had resumed once again. The exchange stated, “Crypto withdrawals have been resumed. Thank you for your patience, and we apologize for any inconvenience caused.”
This further iterates that cryptocurrency users should not hold back in securing their cryptocurrency assets by getting their own private wallets so as to have complete autonomy over their funds.
Binance’s BNB is trading $535, up 4.08% as of the time of this writing.
