Binance Halts All Crypto Withdrawals(cryptobriefing.com)
cryptobriefing.com
Binance Halts All Crypto Withdrawals
https://cryptobriefing.com/binance-halts-crypto-withdrawals-citing-large-backlog/
32 comments
Binance halts withdrawals on tons of cryptos regularly and has done so for years. This isn't surprising to anyone who trades on binance. Guess it makes for a click-bait-y title though.
This happens often enough and is far from a new phenomenon.
Look up the meme and phrase “funds are safu” that covers this.
https://youtu.be/DelF6zEHXpE
Look up the meme and phrase “funds are safu” that covers this.
https://youtu.be/DelF6zEHXpE
It is alarming, especially with these circumstances in the market, but fortunately, withdrawals are fully functional after an hour of maintenance and fixes.
This is typical behavior for binance. I don't love it, but alarming? I'm not sure that typical behavior that they've displayed for years is alarming other than now all withdrawals were paused simultaneously which is new, but seems rather inconsequential since anyone who trades on binance knows they pause withdrawal on coins regularly.
BSC / BEP20 appears not to be impacted by this announcement, which is important. Within the platform only the Binance core chain is impacted as flagged by “congestion / suspended” labels.
Pretty standard, happens frequently.
If this happens all the time, I'm genuinely curious: What distinguishes this from fraud?
> If this happens all the time, I'm genuinely curious: What distinguishes this from fraud?
Fraud is when an exchange runs away with the customers' funds. If you had a legal money printing machine like Coinbase or Binance, would you keep your money press printing cash or would you steal your customers funds and risk prison?
Fraud is when an exchange runs away with the customers' funds. If you had a legal money printing machine like Coinbase or Binance, would you keep your money press printing cash or would you steal your customers funds and risk prison?
Nothing.
Its up to the user to keep their funds offchain so they never have to guess.
Funds on exchange (by quantity of assets) are at or near an all time low, so users are learning. No sympathy to other users, unless their funds were in transit.
Its up to the user to keep their funds offchain so they never have to guess.
Funds on exchange (by quantity of assets) are at or near an all time low, so users are learning. No sympathy to other users, unless their funds were in transit.
When paypal/banks put a temporary hold on transactions is that fraud? Binance is reputable among those who use it.
> When paypal/banks put a temporary hold on transactions is that fraud?
A bank halting withdrawals would be shut down. Massive difference between putting a hold on an account and freezing across the board.
And for good reason. From the outside, it’s impossible to determine if they’re having liquidity or operational issues. Let that question fester and you get a run.
A bank halting withdrawals would be shut down. Massive difference between putting a hold on an account and freezing across the board.
And for good reason. From the outside, it’s impossible to determine if they’re having liquidity or operational issues. Let that question fester and you get a run.
temporarily.
Paypal sometimes withholds funds to check some transactions. They are legally a bank in europe.
Paypal sometimes withholds funds to check some transactions. They are legally a bank in europe.
> temporarily
A bank temporarily halting withdrawals may not be shut down, but it would be massively fined.
A bank temporarily halting withdrawals may not be shut down, but it would be massively fined.
Banks halt funds every day, when they close for business at end of day. ATMs are available but can be out of order or out of cash. Binance is open 24/7 and maintenance that requires downtime has to happen at some point
https://www.reuters.com/article/us-eu-banks-deposits-idUSKBN...
https://www.investopedia.com/articles/markets-economy/082316...
https://www.irishtimes.com/life-and-style/homes-and-property...
Anyway , i ve been burnt by banks enough in the past to know that binance is better than banks. I can't be preached about it.
https://www.investopedia.com/articles/markets-economy/082316...
https://www.irishtimes.com/life-and-style/homes-and-property...
Anyway , i ve been burnt by banks enough in the past to know that binance is better than banks. I can't be preached about it.
Right, public consultations by governments to consider it. Versus the banks just doing it.
For all its users At once?
no, except catastrophic situations like bank collapses or when the EU decided to close the banks. It also can happen in various countries around the world.
Then again, binance is an exchange, not a bank, and exchanges do halt transactions. Some companies even freeze people's buy buttons, and go unpunished.
Then again, binance is an exchange, not a bank, and exchanges do halt transactions. Some companies even freeze people's buy buttons, and go unpunished.
An across-the-board stoppage seems far, far different than a small set of account holds on an individual basis.
Happens to fiat all the time too.
Could you provide sources? I have never run into this, yet I hear about crypto exchanges freezing/pausing all the time.
https://markets.businessinsider.com/news/stocks/nasdaq-monit...
https://www.cnbc.com/2020/03/09/the-stock-market-halted-trad...
https://www.bloomberg.com/news/articles/2020-11-04/u-s-stock...
https://www.cnbc.com/2020/03/09/the-stock-market-halted-trad...
https://www.bloomberg.com/news/articles/2020-11-04/u-s-stock...
That's just the stock market, not actual banking being halted.
binance is an exchange, not a bank
Ah I see now. I thought the grand commenter was implying fiat [banking] was being paused all the time.
Anti-crypto people grasping for FUD straws anywhere they can as we hit all time highs. Exchange wallets, even at US exchanges like Coinbase and Gemini, regularly have periods of downtime.
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Already resumed, non news.
https://twitter.com/binance/status/1455169923026653185?s=21
https://twitter.com/binance/status/1455169923026653185?s=21
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is this just affecting the .com tld?