March 4, 2024

Binance Temporarily Suspends Withdrawals

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Binance Temporarily Suspends Withdrawals

Cryptocurrency exchange Binance has announced the suspension of withdrawal operations due to a technical issue that occurred with a third-party service provider.

According to the statement, the incident occurred around 07:00 UTC, after which the exchange team was forced to activate the Asset Safety Fund for Users (SAFU) and suspend withdrawal operations for some networks.The SAFU fund's wallets include BNB, BUSD, and BTC.

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Binance assured that all user funds are safe, and the exchange team fixed the problem within an hour.At the same time, the platform does not disclose the name of the third-party service provider and does not specify which networks were affected and what exactly happened.

This is the third suspension of withdrawals from Binance this year.So, in June, the exchange notified the community of the suspension of operations for the withdrawal of BTC due to a suspended transaction, and later for the deposit and withdrawal of ERC-20 tokens for the duration of technical work.