Binance, one of the leading cryptocurrency exchanges, has reinstated crypto withdrawals after a temporary suspension caused by a “technical issue.” The update was communicated through a post on the exchange’s X account, which serves as their platform for official announcements.
The official announcement from the platform provided users with reassurance that the problem had been effectively addressed, and as a result, cryptocurrency withdrawals on Binance had been fully restored to their regular operation. Etherscan data indicated that the most recent withdrawal from one of Binance’s wallets before the interruption happened at 10:45 UTC, and the declaration confirming the resolution of the issue was made at 11:55 UTC.
Binance’s CEO, Changpeng “CZ” Zhao, quickly addressed the situation, confirming the technical problem with a middleware service that affected withdrawals. He reassured users that their funds were secure and that the Binance team was actively working to resolve the issue.
This brief interruption in services happened on the same day that approximately $100 billion worth of crypto assets were traded across various platforms, marking the highest daily trading volume since the FTX crash in November 2022, as reported by CoinMarketCap. This surge in trading activity coincided with a notable increase in the price of Bitcoin (BTC), which was trading at $34,300 after reaching a 16-month high on the previous day.
It’s worth noting that Binance had experienced a similar withdrawal halt back in 2021, which was attributed to a “heavy backlog” at the time, but that interruption lasted for a relatively short duration of around 25 minutes.
