Binance, the world’s largest cryptocurrency exchange by trading volume, has suspended withdrawals amid “irregular” Bitcoin (BTC) transactions.
The Malta-based company announced the move in a blog post on Feb. 8, saying it had “identified irregular trades” and was investigating the matter.
“To protect user funds, we have temporarily suspended withdrawals,” the company said.
Binance did not elaborate on what it considered to be “irregular” trades, but said it would provide updates “as soon as possible.”
The move comes just days after Binance suffered a major hack that saw 7,000 BTC (worth around $40 million at the time) stolen from the exchange. Binance has since reimbursed customers for the lost funds.
NOTE: WARNING: Binance may suspend withdrawal of funds at any time without prior notice. This can be due to various reasons such as security concerns, compliance with applicable laws and regulations, or other circumstances. Please ensure that you understand and comply with all applicable laws and regulations before attempting to withdraw funds from your Binance account.
It is unclear if the two incidents are related.
Binance is not the only cryptocurrency exchange to have suspended withdrawals in recent days. OKEx, another major exchange, also halted withdrawals on Oct.
16 due to “unusual activity.” OKEx has since resumed withdrawals.
The suspension of withdrawals on Binance comes as Bitcoin prices have been volatile in recent weeks, falling below $10,000 on several occasions.
The reason for Binance’s suspension of withdrawal is still unknown but many are speculating that it might be due to the recent hack that they experienced or because of the volatility of Bitcoin prices. However, until Binance provides more information, we can only speculate as to what the true reason is.
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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.
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.
Binance, the world’s largest cryptocurrency exchange by trading volume, has suspended withdrawals of Bitcoin and Ethereum due to “irregularities” with its hot wallet. The announcement was made via the exchange’s official Twitter account on Wednesday, February 7.
“Binance has discovered irregularities with its hot wallet cluster and has taken action to suspend withdrawals while we investigate,” the tweet reads. “We are working to determine the root cause and will fully resume withdrawals once the issue is resolved.”
The news comes just days after Binance paused trading on its platform for two hours due to “server maintenance.” The exchange later said that the maintenance was “unrelated” to the issues with its hot wallet. At the time of writing, Binance has not provided any further details about the irregularity or when withdrawals will be resumed.
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.
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).
Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has suspended withdrawals of the virtual currency. The move comes after a hack that saw $40 million in Bitcoin stolen from the exchange. In a statement released on Tuesday, the company said it had “detected unusual activity on [its] network” on Monday and had “immediately initiated a thorough security review.” As part of that review, Binance has suspended all withdrawals “until further notice.”
The hack is a major setback for Binance, which has grown rapidly in recent months to become one of the most popular cryptocurrency exchanges.
Binance, the world’s largest cryptocurrency exchange by trading volume, has recently come under fire for rejecting withdrawals from its users. The issue came to light after a number of users took to social media to complain about their withdrawals being rejected by the exchange. The main reason for the rejection of withdrawals appears to be due to Binance’s new Know Your Customer (KYC) policy, which requires users to submit identification documents in order to withdraw funds from the exchange.
Binance, the world’s largest cryptocurrency exchange by trading volume, is facing a potential ban in Japan. The Japanese Financial Services Agency (FSA) has issued a warning to Binance, telling the company that it is operating in the country without registration. The FSA says that Binance has until the end of the month to register with the agency or face a ban.
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.
