Binance appears to be going through some hardships this morning. The cryptocurrency exchange evidently has found itself with a “large backlog” of crypto withdrawals, putting the exchange itself in a troubling situation. As a result, all withdrawals were “temporarily disabled” due to congestion.
The announcement was made by the exchange this morning on Twitter via its official account, with no details of the backlog available on the website.
The backlog is believed to have lasted approximately twenty five minutes before a follow-up tweet was issued indicating things had returned to semi-normal. A withdrawal processing delay is said to currently be in place and expected to last a half hour as the backlog continues to be cleared.
The company did not elaborate specifically on what caused the backlog, however its noteworthy that it comes an hour and a half after the firm released the trading pair of $SHIB / $DOGE, two meme cryptos that have a history of sharp movements.
UPDATE: Immediately after we hit publish, the company appears to have found itself in trouble yet again, closing withdrawals for a second time this morning.
Information for this briefing was found via Binance. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.