Leading cryptocurrency exchange Binance has stopped all cryptocurrency withdrawals from the platform. According to a Twitter announcement, this is “due to a huge backlog” and the team is already working on fixing the problem.
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
Incidentally, the withdrawals had been resumed a while after the initial announcement, with a note that read:
“There will be a temporary delay in withdrawal processing as the backlog is cleared. We expect this to last about 30 minutes.”
However, just a few minutes afterwards, that exchange again informed users that “crypto withdrawals have been closed again.” While the cause behind the issue, remains a mystery, for now, the tweet further added that details will be shared on Twitter soon.
Network congestion is usually caused by an increase in outflow demand from the market. It is noteworthy that Binance is currently facing a lawsuit due to a malfunction in its futures and leveraged tokens products that had caused users to suffer liquidations and lose money.