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.
7 Related Question Answers Found
When it comes to cryptocurrency exchanges, there are a few that stand out above the rest. Binance is one of those exchanges. It is one of the largest cryptocurrency exchanges in the world and it has a lot to offer its users.
Binance withdrawals can take anywhere from a few minutes to a few hours. The amount of time it takes for your withdrawal to be processed depends on the cryptocurrency you are withdrawing, the amount you are withdrawing, and the current network conditions. If you are withdrawing a small amount of cryptocurrency, your withdrawal should be processed relatively quickly.
A withdrawal from Binance can take anywhere from a few minutes to a few hours. The main factor that determines how long a withdrawal will take is the blockchain of the cryptocurrency that you are withdrawing. Bitcoin and Ethereum withdrawals usually take less than an hour, while withdrawals for other cryptocurrencies can take up to a few hours.
It can take anywhere from a few minutes to a few hours for Binance to process a withdrawal. The amount of time it takes for the withdrawal to be processed depends on the cryptocurrency being withdrawn and the current network conditions. For example, withdrawals of Bitcoin (BTC) usually take longer than withdrawals of Ethereum (ETH).
Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has recently come under fire for suspending withdrawals from the platform. The move has caused a great deal of uproar among the crypto community, with many users accusing Binance of foul play. So, what exactly happened?
When it comes to cryptocurrency exchanges, one of the biggest and most popular names in the space is Binance. The company has built up a large user base and reputation over the past few years, making it a go-to choice for many when it comes to buying and selling digital assets. However, like all exchanges, Binance is not without its faults.
Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is currently undertaking scheduled maintenance on its withdrawal system. The last time the exchange underwent similar maintenance was in mid-2017. At the time of writing, the Binance website shows a message that reads “Withdrawals are temporarily suspended for maintenance.
