Binance, the world’s largest cryptocurrency exchange by trading volume, experienced a temporary halt in cryptocurrency withdrawals today due to a technical issue.
The problem was later resolved, and normal service has resumed, according to updates from the company’s official Twitter account.
The initial announcement from Binance stated that they were “experiencing a technical issue with crypto withdrawals,” and as a result, these were “temporarily unavailable whilst our team works on the fix.” Fiat withdrawals remained operational during this period. Binance CEO Changpeng Zhao (CZ) also took to X to reassure users that “funds are SAFU”, indicating that the assets were safe and that the team was actively working on resolving the issue.
Although the issue was fixed in a relatively short time, the temporary halt revived concerns and memories of the FTX exchange collapse in November 2021.
In memory of ftx pic.twitter.com/HvrKKNwt33
— vxH0rny🇺🇦🇮🇱🇵🇸🏳️⚧️ (@veH0rny) October 25, 2023
Binance has since confirmed that “all crypto withdrawals on Binance are now back to functioning as usual,” thanking users for their patience and apologizing for the inconvenience caused.