Binance has again suspended operations on the crypto withdrawals

The reason was a large number of requests for funds withdrawal from the platform

01.11.2021 - 15:45

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What's new? The Binance cryptocurrency exchange has temporarily suspended all operations to withdraw cryptocurrencies. It stated that the suspension of withdrawal was made in order to eliminate the applications accumulated over the past few days. The platform has appealed to customers with a warning that their funds are safe and that there is no cause for concern.

We have temporarily disabled all crypto withdrawals on https://t.co/QILSkzx7ac 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.— Binance (@binance) November 1, 2021

What are the reasons for suspending withdrawal? The cryptocurrency exchange reported that the trading volume on its platform exceeded $1 billion in one day, and the BTC exchange rate reached a new historical high of almost $67 000. Therefore, the appearance of a large number of withdrawal requests is quite understandable. Half an hour after the suspension, the crypto exchange resumed the withdrawal of cryptocurrencies.

Previously, the exchange had already suspended its activities in April and May 2021 because of the heavy load on the platform.

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