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World’s largest crypto exchange Binance briefly suspends crypto withdrawal

Last Updated: Nov. 1, 2021 at 1:13 p.m.

First Published: Nov. 1, 2021 at 9:30 a.m.

Frances Yue

Binance Coin is recently trading at $538.90, up 4.88% over the past 24 hours.

Binance, the world’s largest crypto exchange, briefly suspended all crypto withdrawals on its website on Monday.

The exchange announced on Twitter early Monday that it temporarily disabled all crypto withdrawals due to a large backlog, and later said the function has been resumed.

About 20 minutes after the resumption notice, Binance tweeted that it closed all crypto withdrawals again, without explaining reasons. The withdrawals were later resumed.

A Binance spokesperson wrote to MarketWatch in an email that the suspension was due to “a database system issue” that affected the exchange’s withdrawal service. “At no times were users funds at risk,” the spokesperson wrote.

Binance Coin was recently trading at $538.90, up 3% over the past 24 hours.

SOURCE: https://www.marketwatch.com/story/worlds-largest-crypto-exchange-binance-suspends-crypto-withdrawal-11635773443