Binance Bans All Crypto Withdrawals
For the time being, exchange by trading volume has halted any cryptocurrency withdrawals. Customers should not be concerned about their assets, according to the official message from the crypto exchange. The crypto exchange claimed that the suspension was necessary to clear a large backlog that had built up during the previous few days.
The crypto exchange recently said that trade activity on its platform surpassed $1 billion in a single day, when $BTC hit a new all-time high of roughly $67,000. As a result, the large backlog is understandable. Binance accounts for crypto trading volume from a variety of nations as one of the main spot markets and among the top in the crypto derivatives market.
*Binance has resumed cryptocurrency withdrawals.
Within half an hour of suspending crypto withdrawals, the crypto exchange has restarted them, and users can now withdraw their monies. As the backlog is cleared, there will be a temporary delay in withdrawal processing. It will persist for approximately 30 minutes.
Binance established the $SHIB/$DOGE trading pair earlier today to make it easier for traders to shift money within the meme currency. The decision follows a nearly 1,000 percent increase in Shiba Inu prices in October.
Binance is currently recovering from a slew of regulatory warnings issued by almost a dozen nations against its worldwide platform. While things appeared to be going south for the crypto platform, it has made a great comeback by implementing necessary regulatory safeguards and collaborating with regulators around the world to assure full compliance.
ChangPeng Zhao, Binance's CEO, has also announced plans to establish a centralized headquarters and independent offices in the nations where the company already operates. While regulatory issues appear to have subsided for the time being, the crypto exchange can take advantage of the opportunity to resume development.