Binance, Exchanges

How Long Will Binance Withdrawal Be Suspended?

Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has announced that it will be suspending all withdrawals for an “upgrade” lasting one week. The move comes as a surprise to many, as Binance has been one of the most reliable exchanges in terms of uptime and customer service.

The announcement was made on Twitter, with the exchange tweeting that “Binance will be suspending withdrawals at 2018/02/08 4AM (UTC) for one week due to system upgrade.” The tweet goes on to say that “All other functions will remain normal,” and that “Deposits and trading will not be affected.”

While it is not entirely clear what the system upgrade entails, it is likely that it has something to do with the recent addition of new coins and tokens to the exchange. Binance has been on a roll lately, adding support for a number of new assets including Bitcoin Cash, Ethereum Classic, Ripple, and more.

NOTE: WARNING: Binance withdrawal can be suspended at any time without prior notice. It is important to check the status of your account before attempting to withdraw funds. If you experience any issues with your withdrawal, contact Binance customer support immediately.

With the addition of these new assets, it is possible that the exchange is simply upgrading its systems to accommodate the increased trading volume.

In any case, the move to suspend withdrawals for an entire week is a bold one, and it will no doubt cause some inconvenience for users who were planning on moving their funds off of the exchange. However, given Binance’s track record of reliability, it is likely that the move is simply a precautionary measure to ensure that the upgrade goes smoothly.

One week is a long time to wait for withdrawals to be processed, but given the current state of the cryptocurrency market, it is unlikely that many users will be too bothered by the delay. After all, with prices fluctuating as wildly as they have been lately, a week is not really that long in the grand scheme of things.

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