Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has suspended withdrawals of Bitcoin and Ethereum due to “irregular” activity.
The exchange said it would investigate all affected accounts and make a decision on whether or not to allow withdrawals after the investigation is complete.
The news comes as a surprise to many, as Binance is usually very fast and efficient when it comes to processing withdrawals.
NOTE: WARNING: Withdrawal from Binance is currently suspended. This means that any funds you have deposited to your account cannot be withdrawn until further notice. We recommend that you keep your funds safe until the issue is resolved and we will provide an update on the situation as soon as possible. Please do not attempt to withdraw any of your funds until the suspension has been lifted.
It is not yet clear what has caused the irregular activity, but it is possible that hackers may have gained access to user accounts and initiated the withdrawals themselves.
Binance has assured users that their funds are safe and that they will be compensated if they are found to be victims of fraud.
This is a developing story, and we will update this article as more information becomes available.
4 Related Question Answers Found
If you’ve been trying to withdraw your money from Binance and it says your withdrawal is “Suspended”, don’t panic! There are a few reasons why this could be happening, and we’ll go over them all here. The most common reason for a suspended withdrawal is that your account needs to be verified.
Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has suspended withdrawals indefinitely. The move comes after a “large scale security breach” that resulted in the loss of 7,000 BTC (about $40 million at current prices). Binance says it will use its “Secure Asset Fund for Users” (SAFU) to cover the lost funds.
If you are a Binance user, you may have noticed that your account has been suspended. This can be a frustrating experience, especially if you are not sure why it happened. There are a few possible reasons for why your Binance account may have been suspended.
Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has stopped all withdrawals amid what it says is a “large scale” security breach. The hack appears to have been carried out through a sophisticated phishing attack. Binance says it detected “a large scale security breach” on May 7th at 02:00:00 UTC (May 6th at 10:00 PM EDT).
