Binance crypto withdrawals temporarily unavailable, technical issues

October 25, 2023 10:53 PM AEDT | By Invezz

Binance crypto withdrawals temporarily unavailable, technical issues — Image source: Invezz

Binance experienced some technical issues

In a tweet, Binance and its CEO acknowledged the issue, stating “We are experiencing a technical issue with crypto withdrawals. As a result, they are temporarily unavailable whilst our team works on the fix. Fiat withdrawals are available and working. All funds are SAFU. We apologize for the inconvenience and will update on progress.”

Technical issue with a middleware service impacting withdrawals. Funds are SAFU. Our team is on it. 🙏 https://t.co/xWF25gyxRU
— CZ 🔶 Binance (@cz_binance) October 25, 2023

The last recorded crypto withdrawal from one of Binance’s Ethereum accounts took place at 10:45 UTC. Binance has assured its users that their funds are secure, emphasizing the “SAFU” (Secure Asset Fund for Users) status.

This development underscores the significance of technical stability and reliability in the cryptocurrency exchange industry. As the crypto market continues to experience rapid growth and high trading volumes, it becomes imperative for exchanges to ensure their systems can handle the increased load without disruptions.

Binance’s withdrawal issue resolved

Binance, known for its strong security measures, is actively working to resolve the issue. As the crypto exchange worked to resolve the issue, fiat withdrawals remained unaffected, allowing users to manage their assets without hindrance.

Binance’s commitment to transparency and security is evident in its swift response to this technical problem. After about one hour, Binance finally announced that the issue had been resolved and that withdrawals had resumed.

The issue is now fixed and all crypto withdrawals on #Binance are now back to functioning as usual.

Thanks for your patience, and we apologise for the inconvenience. https://t.co/ldwuAaPNhN
— Binance (@binance) October 25, 2023

The post Binance crypto withdrawals temporarily unavailable, technical issues appeared first on Invezz

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