Binance, the largest crypto exchange, told its users today that it has suspended withdrawals, only to reactivate them within half an hour.
Binance announced the news on the most popular social network among crypto users, Twitter.
All withdrawals are temporarily suspended on #Binance.
Rest assured our team is working on it.
We apologize for any inconvenience caused and thank you for your patience.
— Binance (@binance) May 10, 2021
“All withdrawals are temporarily suspended on #Binance. Rest assured our team is working on it. We apologize for any inconvenience caused and thank you for your patience. If you submit a withdrawal request it will be added to a queue, but until this issue is resolved it will not be processed”.
Soon after, within half an hour, came the second long-awaited tweet from the many users ending the suspension and then reactivating the withdrawal operation from the crypto-exchange:
Withdrawals are now resumed. Thank you for your patience. https://t.co/DYHhEc32uu
— Binance (@binance) May 10, 2021
It is not uncommon, according to reports, for a trading platform at the level of Binance, which has thousands of new users per day, to interrupt the normal flow of withdrawals.
This February alone, Changpeng CZ Zhao, CEO of Binance, reported that it had attracted more than 300,000 user registrations per day, surpassing its previous peak in 2017.
Staggering numbers that increasingly boost the position of the cryptocurrency exchange giant. Indeed, with more than 27 million weekly visits, Binance is the exchange with the highest daily volume in the world.
Despite the small drop due to today’s suspension on the platform, Binance’s daily volume is around $53 billion, compared to Coinbase Pro’s $6 billion per day, which is Coinbase’s centralized crypto exchange, ranking second.
Problem and solution: 30 minutes to solve
Stopping withdrawals is usually described as extreme by platform operators. The first reaction of users may be to lose trust, something that is still fundamental in the centralized world.
The platform, however, in spite of the glitch, confirmed its professionalism in being able to resolve the problem (not described or communicated) within 30 minutes.
An impeccable performance which has extinguished any anxieties of users of the leading exchange by market capitalization. Such a short suspension time was probably not even considered by many.
In fact, looking at CZ’s Twitter account, despite its constant presence on social channels, the problem and solution on the withdrawal factor wasn’t even mentioned.
Centralization or not, CZ has recently tweeted about banks, stating that “banks refusing to work with crypto are like bookstores refusing to work with the internet”.
