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Binance Resumes Cryptocurrency Withdrawals Following Temporary Service Interruption

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Oct 28, 2023 at 07:56 am

The latest withdrawal from one of Binance's Ethereum accounts was initiated at 10:45 UTC.

After a brief disruption attributed to a "technical issue," cryptocurrency withdrawals on Binance have been fully reinstated. This development was officially communicated via a message on Binance's X account, formerly known as Twitter, assuring users that the issue has been effectively resolved, and all cryptocurrency withdrawals on Binance are now functioning normally.

Etherscan data revealed that the last recorded withdrawal from one of Binance's wallets took place just before the outage at 10:45 UTC. The confirmation of service restoration was posted at 11:55 UTC.

CEO Changpeng "CZ" Zhao promptly addressed the situation on social media, acknowledging a "technical issue with a middleware service affecting withdrawals" while emphasizing the safety of user funds (SAFU). He also provided assurance that the Binance team was actively engaged in resolving the matter.

The temporary disruption coincided with a significant surge in cryptocurrency trading activity. Approximately $100 billion worth of cryptocurrency was traded across various platforms on Tuesday, marking the highest daily trading volume since the FTX incident in November 2022, as reported by CoinMarketCap.

This increased trading activity aligned with a notable uptick in the price of Bitcoin (BTC), which was trading at $34,300. The cryptocurrency had recently reached a 16-month high on Tuesday, contributing to the heightened interest in cryptocurrency trading.

It's worth noting that this recent interruption was the first time Binance had suspended withdrawals since 2021, when they attributed it to a "heavy backlog." Fortunately, the downtime was relatively short-lived, lasting for approximately 25 minutes.

Read more: Binance's Ongoing Battle Against the 'Incendiary' CFTC Suit

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