Binance cites ‘large backlog’ for temporary withdrawal suspensions
On November 1, crypto exchange Binance temporarily took all withdraws offline, citing “a large backlog.” The exchange resumed withdrawals a few minutes later and then took them offline again an hour later for a period of time.
As of 10:00 AM EST, withdrawals were back online, according to the exchange.
Crypto withdrawals have been resumed.
Thank you for your patience, and we apologize for any inconvenience caused.
— Binance (@binance) November 1, 2021
Binance’s Reddit page saw a surge in initial reports of withdrawal and internal transfer issues around 7:00 AM EST.
The timing of this backlog didn’t appear to line up with any particular market volatility, which is often the cause of crypto exchanges going down under heightened activity. According to CoinMarketCap, Binance hadn’t seen a particular surge in volume on Monday.
A representative for Binance did not immediately respond to The Block’s request for comment.
© 2021 The Block Crypto, Inc. 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.
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Author: Kollen Post
