Binance cites ‘large backlog’ for temporary withdrawal suspensions

Nov 1, 2021 | The Block News | 0 comments

binance-cites-‘large-backlog’-for-temporary-withdrawal-suspensions

On November 1, crypto exchange Binance temporarily took all withdraws offline, citing “a large backlog.” The exchange resumed withdrawals a few minutes later and then took them offline again an hour later for a period of time.

As of 10:00 AM EST, withdrawals were back online, according to the exchange.

Binance’s Reddit page saw a surge in initial reports of withdrawal and internal transfer issues around 7:00 AM EST. 

The timing of this backlog didn’t appear to line up with any particular market volatility, which is often the cause of crypto exchanges going down under heightened activity. According to CoinMarketCap, Binance hadn’t seen a particular surge in volume on Monday. 

A representative for Binance did not immediately respond to The Block’s request for comment.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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