InstaForex

November 2, 2021

What happened? Binance Suspends All Crypto Withdrawals!

 The world’s leading crypto exchange, Binance took an urgent decision by suspending all crypto production at this point.


In the official announcement it was announced by Binance itself, however they stressed that consumers should not worry about their funds and confirmed that their funds are safe. Binance claims that the suspension of crypto production is to clear up some arrears that have been going on for several days.


The crypto exchange recently revealed that trading volume had surpassed $ 1 billion on the platform when $ BTC hit a new all-time high of nearly $ 67,000. This is one of the factors that cause arrears in the system.



The crypto suspension was reported to be only temporary and it is now reported that some have been able to make withdrawals from Binance. In addition it should be noted that the follow-up suspension will last approximately 30 minutes.


Binance also added the $ SHIB/$ DOGE trading pair earlier in the day to help investors transfer their funds easily in crypto memes. The decision was made after Shiba Inu showed a nearly 1,000% jump in October.


Binance is now trying to bounce back from pressure by some authoritative bodies. To address this, Binaance CEO ChangPeng Zhao has also revealed plans to build a centralized headquarters and build an independent office in the country where it is currently offering its services.