Binance, the world’s largest crypto exchange, temporarily disabled all crypto withdrawals for a time on Monday due to a large backlog.
- Withdrawals were resumed about 25 minutes after the stoppage was announced to customers on its Twitter account Monday. Twenty minutes after that announcement, however, the company tweeted an update that withdrawals had been closed again. At 13:48 UTC (9:49 a.m. ET), the company tweeted that withdrawals had resumed once again.
- “There will be a temporary delay in withdrawal processing as the backlog is cleared. We expect this to last about 30 minutes,” Binance said in a tweet following the initial resumption.
UPDATE (Nov. 1, 12:35 UTC): Added Binance’s update that withdrawals were closed again.
UPDATE (Nov. 1, 14:03 UTC): Added Binance’s latest update that withdrawals had resumed.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.