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Binance Suspended Withdrawals: 10 Things to Know as Crypto Frenzy Hits the Largest Exchange

Crypto frenzy is dealing blows to all sorts of digital currency players recently, and Binance seems to be the newest victim this morning. The wildly popular crypto exchange has been battling some issues with trading today thanks to a boom in transactions. Binance suspended withdrawals briefly to assist in the alleviation of the issues, but users are asking questions about what happened.

The Binance logo on a smartphone with a neon chart in the background.

Source: Grey82 / Shutterstock.com

The errors in trading have been frustrating investors today as they look to cash in on newly-listed Shiba Inu (CCC:SHIB-USD), cash out on Dogecoin (CCC:DOGE-USD) or check on their big Ethereum (CCC:ETH-USD) plays.

Here’s everything you need to know about what’s happening:

Binance Suspended Withdrawals: What to Know

  • Early this morning, Binance experienced errors with trading.
  • The exchange tweeted at 7:10 a.m. Eastern that withdrawals would be suspended on the platform.
  • Withdrawal requests go into a queue on Binance, meaning that while the platform is down, trades can’t be processed. However, upon resuming, the trades are processed in the order the requests were made.
  • As of 7:34 a.m., the exchange said it was operating as normal.
  • Binance is not yet opening up about what is causing the traffic backlogs.
  • Bloomberg reports that it could likely be the result of a big increase in trades.
  • Per Bloomberg, Binance has been attracting more than 300,000 user registrations a day as of February. Given the success of altcoins like DOGE, coupled with increasing interest in Bitcoin (CCC:BTC-USD), it’s likely that this average has gone up in recent months.
  • The Binance platform is launching a new popular altcoin today, which some are speculating to be the root of the traffic issue.
  • SHIB is one of the highest-performing altcoins of the weekend. The token has grown 1,000% over the last three days, and is up over 100% in the last 24 hours.
  • The Binance listing is a big deal for Shiba Inu. The coin has been trading on Huobi mostly, but Binance gives the token an entirely new audience. As investors search for the new Dogecoin, it is likely pulling huge traffic immediately after listing.

On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Article printed from InvestorPlace Media, https://investorplace.com/2021/05/binance-suspended-withdrawals-10-things-to-know-as-crypto-frenzy-hits-the-largest-exchange/.

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