Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has announced that it is suspending withdrawals “indefinitely” as it works to upgrade its systems.
The move comes just days after Binance announced that it had lost around 7,000 BTC (worth approximately $40 million at the time) to hackers. The exchange says that it will use its “Secure Asset Fund for Users” (SAFU) to cover the loss, which amounts to around 2% of its total BTC holdings.
In a blog post announcing the suspension of withdrawals, Binance CEO Changpeng Zhao said that the exchange had detected “irregular trades” on its platform and that it was working with “relevant authorities” to investigate the matter.
The suspension of withdrawals will be in effect until further notice, and Zhao says that Binance will provide updates on the situation “as soon as possible.”
NOTE: This is to caution all users of Binance that there is currently no suspension of withdrawals on the platform. Any rumors, messages or alerts claiming otherwise may be false and should not be trusted or acted upon. Please ensure that you only follow official channels and announcements from Binance for any updates and information.
This is not the first time that Binance has suspended withdrawals. In February 2018, the exchange halted withdrawals for a week due to “unscheduled system maintenance.
” And in January 2019, Binance paused withdrawals for two weeks while it upgraded its systems.
The latest suspension of withdrawals comes at a time when Bitcoin and other cryptocurrencies are seeing a surge in trading activity. Bitcoin hit a new all-time high on April 13, and Ethereum has also been hitting new highs in recent days.
Binance is one of the most popular cryptocurrency exchanges in the world, and its decision to suspend withdrawals is likely to have a significant impact on the market. Withdrawals are an important part of the crypto trading process, and their suspension could lead to a slowdown in trading activity on Binance and other exchanges.
It remains to be seen how long Binance will keep withdrawals suspended, but the move is sure to cause some inconvenience for traders who use the exchange.
9 Related Question Answers Found
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?
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, one of the world’s largest cryptocurrency exchanges by trading volume, has suspended withdrawals. The move comes after a “large scale security breach” that resulted in the loss of 7,000 BTC, worth around $40 million at current prices. The hack was first reported by The Block, which cited two sources familiar with the matter.
Binance, the world’s largest cryptocurrency exchange by trading volume, has been in the news a lot lately. The Malta-based company has been making headlines for all the right reasons, such as its recent decision to add support for Ethereum Classic (ETC) and its plans to launch a new decentralized exchange (DEX). However, Binance has also been in the news for the wrong reasons, such as when it was hacked in May 2019 and when it was accused of being involved in a Bitcoin “pump and dump” scheme.
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The ban appears to be part of a wider crackdown on cryptocurrency trading by the Chinese government. Earlier this week, reports emerged that Chinese authorities were planning to block domestic access to overseas cryptocurrency exchanges and ICO websites.
Binance, the world’s largest cryptocurrency exchange by trading volume, has suspended withdrawals of cryptocurrencies. The move comes after the exchange experienced a “large scale security breach” in which hackers stole 7,000 bitcoin (worth $40 million at the time). In a statement, Binance said it had discovered the hack on Tuesday and that the hackers had used a variety of techniques, including phishing, viruses and other attacks.
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Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is being shut down. The news was announced by the company’s CEO, Zhao Changpeng, on Twitter. The shutdown is set to take place on September 12th.
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