Binance, a big cryptocurrency exchange, has stopped letting people take out their cryptocurrency for a little while because of a problem with the technology. Traders and investors were surprised when the exchange announced a problem on its Twitter account.
Binance, a company that lets people trade cryptocurrencies, is having a problem with its technology. They have stopped letting people take their cryptocurrencies out until they fix the problem. The exchange posted the news on its official platform that is similar to Twitter.
“We are having a problem with taking out crypto money. ” So, they are not available for a short time while our team fixes the problem. You can take money out of your Fiat account and it’s working. All the money is safe. We are sorry for the trouble and will let you know how things are going.
The sudden stop of crypto withdrawals has made it hard for traders and investors to get to their digital money. The last time money was taken out of one of Binance’s Ethereum accounts was at 10:45 UTC. They announced the problem 18 minutes later. This problem with Binance has made users worry about how safe and dependable the platform is.
Binance boss says money is safe
Changpeng “CZ” Zhao, who leads Binance, responded fast to the situation by using social media to assure the Binance community. He posted on Twitter that there is a problem with a middle service that is affecting withdrawals. Funds are safe. Our team is working on it. The term “SAFU” means that user money is safe, even though withdrawals are suspended.
This technical problem happened right after the cryptocurrency market had a really good day. Yesterday, there were about $100 billion worth of cryptocurrency trades. This is the highest amount since the FTX crash in November 2022.
There was a lot of trading of Bitcoin and the price went up a lot to $34,300. The high number of trades and the increasing value of Bitcoin has made traders feel like they need to act quickly to make the most out of market changes.
Binance is known for being strong and reliable, but it has had technical problems before. Binance stopped people from taking out their money in 2021 because they had too many requests all at once. It only lasted for about 25 minutes. These rare events remind us that there are risks with cryptocurrency exchanges, even the ones that have been successful in the past.
This is not advice on trading.