Binance announced that it had suspended cash withdrawals “due to a large backlog.”
Withdrawals to Binance are disabled
Customers are currently unable to withdraw their crypto assets from Binance.
On Monday, the top cryptocurrency exchange posted an announcement stating that it had halted all withdrawals “due to a large backlog.”
We have temporarily disabled all crypto withdrawals on https://t.co/QILSkzx7ac due to a large backlog.
Rest assured our team is working on it with top priority.
Thank you for your patience and apologies for any inconvenience caused.
— Binance (@binance) November 1, 2021
The team is “working on it with top priority,” the post said, adding that they are “sorry for the inconvenience.”
The previous incarnation of Binance has also had problems with customer service. During periods of high interest in cryptocurrency, centralized exchanges including Binance have been overwhelmed, leaving customers stranded or unable to withdraw their funds. On May 19, 2021, the market crashed, forcing Binance, Coinbase, and other exchanges to shut down for a period. At the time, Binance was accused of causing traders millions of dollars in losses; Liti Capital, a Swiss litigation finance firm that has since raised $5 million to sue the exchange on behalf of investors affected.
Users of Coinbase and other large exchanges were hit with service outage last week as Shiba Inu reached all-time highs, in a similar situation. While Binance has yet to offer further information regarding today’s problem beyond noting “a major backlog,” the growing interest in meme coins like Shiba Inu might be responsible for the update.
Despite the fact that Binance has stopped payments, Coinbase and other centralized exchanges appear to be operating normally. Nonetheless, the most recent occurrence is a reminder of one of crypto’s most famous sayings: not your keys, not your coins.
What is “large backlog”?
