Binance Fixes Issue That Impacted Crypto Withdrawals, Funds Safe?

Crypto exchange Binance briefly halted withdrawals on its platform after experiencing a technical issue. The company launched an investigation, and an hour later, withdrawal resumed on the platform.

Binance Experiences Technical Issues

According to a post on social media platform X, withdrawals were paused due to an issue with the middleware service running on the platform. While crypto withdrawals were halted, users had access to fiat withdrawals.

Following an investigation that failed to provide details about the specifics of the issue, the crypto exchange restored the service. The company stated:

The issue is now fixed, and all crypto withdrawals on Binance are now back to functioning as usual. Thanks for your patience, and we apologize for the inconvenience.

In the crypto community, some took to X to promote their platforms over the centralized exchange. In particular, the team behind decentralized exchange (DEX) THORChain took the opportunity to remind users about their alleged advantages over Binance:

All cross-chain services deal with many, many issues and have to pause to deal with edge cases. The difference with TC is that you can jump in and see exactly what’s wrong at any time and don’t need a spokesperson so say “funds are safe” – because you can check it yourself.

Binance has experienced several obstacles lately, from the increasing regulatory oversight in major jurisdictions, such as the US and Europe, and key members leaving their positions. In addition, the exchanges are currently fighting many legal battles while their trading volumes crashed in some regions.

Still, the crypto company claims to be committed to continue offering its services to its millions of users. On the latest issue, the exchange’s CEO, Changpeng “CZ” Zhao, stated:

Technical issue with a middleware service impacting withdrawals. Funds are SAFU. Our team is on it.

Cover image from Unsplash, chart from Tradingview