THE DAILY ENCRYPT

October 3, 2022

Binance Say Not to Worry As Third Party Glitch Caused Temporary Withdrawal Issue

The exchange stated that technical issues were the reason for suspending withdrawals across multiple networks this morning....
Image by The Daily Encrypt

The exchange stated that technical issues were the reason for suspending withdrawals across multiple networks this morning.

On Wednesday morning, cryptocurrency exchange Binance declared that withdrawals would be temporarily suspended. According to Binance, the suspension was caused by a technical problem on the part of a third party provider.

The exchange tweeted that the incident occurred at 7:00 AM UTC and was solved by the team in less than an hour.

Binance also assured customers that funds were still available despite the ban. This acronym stands for Secure Asset Fund for Users, the exchange’s monetary account. Binance created the fund in 2018 to compensate customers for hacking on the exchange. It holds 10% of all trading commissions.

Related Articles:  Report Says The Eurpean Union and UK Are in a Recession

Twitter users asked questions about the fund and the exchange quickly clarified its purpose and estimated value at $1 billion.

This is just days after Binance seized and frozen nearly $450,000 of the stolen assets in the Curve Finance hack. Due to network congestion, Binance also stopped Bitcoin ( TC_) withdrawals in June. Binance is the largest cryptocurrency exchange in the world and handles almost 3.224 million transactions each day.

Major turbulence has been caused by volatile market conditions for crypto companies. Although it claimed market instability, the crypto exchange Celsius stopped withdrawals in June. It declared bankruptcy shortly after.

Related Articles:  Russia Wants Crypto Miners to use Renewable Energy Such as Hydro and Nuclear Energy

Coinbase has announced that it will stop deposits and withdrawals Ethereum ( Ethereum and ERC-20 tokens) during the forthcoming Ethereum Merge. This Merge is scheduled to take place in September.

Some hodlers are having to reexamine their storage locations for digital goods due to market volatility. Many are looking to hardware wallets for the solution. One Twitter user responded with:

A July report stated that the global wallet market should surpass the global exchange market. The exchange market is expected to reach $675 million in 2028, while the anticipated value of the hardware wallet industry is $1.1 billion by 2027.

Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".
Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".

© 2022 The Daily Encrypt. 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.

Latest News
PRESS RELEASES