Binance Halts Withdrawals Temporarily Due to Technical Issue
Crypto exchange Binance experienced a temporary halt in withdrawals on its platform due to a technical issue. The company quickly launched an investigation into the matter and resolved the issue within an hour, allowing withdrawals to resume.
Investigation Reveals Middleware Service Issue
According to a post on social media platform X, Binance paused withdrawals due to a problem with the middleware service running on the platform. While crypto withdrawals were affected, users still had access to fiat withdrawals.
The company conducted an investigation into the issue but did not provide specific details about the cause. However, Binance confirmed that the issue has been fixed and all crypto withdrawals are now functioning normally. In an official statement, Binance apologized for the inconvenience caused and thanked users for their patience.
Decentralized Exchange Seizes the Opportunity
During the withdrawal pause, the team behind decentralized exchange (DEX) THORChain took the chance to highlight their alleged advantages over Binance. They emphasized that their platform allows users to check the status of their funds at any time, without the need for a spokesperson to assure their safety.
“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 to say ‘funds are safe’ – because you can check it yourself.”
Binance Faces Multiple Challenges
Binance has been facing various challenges recently, including increased regulatory oversight in major jurisdictions like the US and Europe, as well as key members leaving their positions. The exchange is also involved in several legal battles, while its trading volumes have declined in certain regions.
Despite these obstacles, Binance remains committed to providing its services to its millions of users. CEO Changpeng “CZ” Zhao assured users that funds were safe during the technical issue and that the company’s team was actively working to resolve it.
Cover image from Unsplash, chart from Tradingview
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