In a swift response to a technical issue, Binance, one of the cryptocurrency industry’s giants, announced that crypto withdrawals are back to normal operations.
During the glitch’s occurrence, Binance’s CEO, Changpeng Zhao, reassured platform users about the safety of their assets, stating in a tweet, “Technical issue with a middleware service impacting withdrawals. Funds are SAFU [Secure Asset Fund for Users]. Our team is on it.”
This disruption unfolded on a notably active trading day, with nearly $100 billion in transactions taking place across all cryptocurrency platforms on Tuesday. This volume represents the highest since the FTX exchange incident in November 2022, as indicated by data from CoinMarketCap.
Binance had faced a similar suspension of withdrawals in 2021, attributing it to a “heavy backlog” at the time. That particular interruption endured for nearly 25 minutes. In this recent incident, the exchange acted swiftly to resolve the issue, restoring normal operations within an hour.
Binance’s official account extended gratitude to its users for their patience and offered apologies for any inconveniences the disruption may have caused.
Last week, Binance garnered attention after forming partnerships with multiple “regulated and authorized fiat partners” for handling euro (EUR) transactions, just a month after parting ways with its previous partner, PaySafe. However, the company has not yet disclosed the names of its new collaborators.
These recent partnerships fortify Binance’s presence in Europe, especially in light of recent regulatory challenges and debanking issues following the loss of support from PaySafe.
In September, Binance encouraged its customers to convert their fiat currency holdings on the platform into cryptocurrencies. Users reported that a pop-up window recommending the conversion of fiat balances into crypto automatically appeared when they accessed the mobile application.
PaySafe had also been Binance’s banking partner in the UK, facilitating transactions through the Faster Payments network. The UK Financial Conduct Authority (FCA) raised concerns over Binance’s partnership with PaySafe, as it provided the exchange with access to the extensive retail payments network. During that period, major banks, such as Barclays, had withdrawn their support for the exchange, leading to the suspension of banking services.
