The world’s largest cryptocurrency exchange by trading volume, Binance, recently began experiencing a technical issue. Investors were unable to perform crypto withdrawal transactions, and Binance made an announcement regarding the issue.
Binance Withdrawal Problem
Crypto wallet users facing withdrawal issues were informed by the Binance exchange that they were aware of the issue. Maintenance on Bitcoin wallets had been announced recently, but the general disruption in crypto withdrawals was unexpected. The exchange stated the following;
“We are aware of the crypto withdrawal issues that some users are experiencing due to a technical error.
Our technical team is working to restore the withdrawal process to its normal operation. We will inform you when the issue is resolved.”
Bitcoin‘s price dropped slightly after this announcement but soon recovered as the exchange declared the problem resolved at the time of writing. Those affected by the withdrawal issue could resubmit their requests through the system to complete their transactions. A slight delay in the first half-hour due to high volume could be considered normal. Meanwhile, at the time of writing, BTC is struggling to surpass $68,500 and is on the verge of reaching an all-time high (ATH).
