Crypto exchange Binance halts withdrawals as it struggles to deal with a large backlog | Currency News | Financial and Business News

Binance is the biggest crypto exchange in the world by daily volume.

  • Binance temporarily suspended all crypto withdrawals on Monday morning.
  • The world’s biggest crypto exchange said it was dealing with a large backlog.
  • Binance has experienced outages in the past, disrupting its millions of users.

Binance, the biggest crypto exchange in the world, halted withdrawals for just under two hours on Monday as it struggled to clear a large backlog.

The company said it had temporarily disabled all crypto withdrawals in a tweet posted at around 7.35 a.m. ET on Monday, but gave no other details about the exact problems it was facing.

It then claimed to have restarted withdrawals, only to quickly say they were disabled again.

But at around 9.50 a.m. Binance said it had resumed withdrawals and apologized to users for any inconvenience.

Binance told Insider it had no further details to share on Monday morning, but urged users to keep track of updates on its Twitter page.

Read more: Beware of ‘The Flippening’: 7 crypto experts break down the ominous-sounding event and its implications for bitcoin, with some investors fearing it could unsettle the crypto market

Binance is the biggest crypto trading platform in the world by daily trading volume, meaning any disruptions to the platform could have potentially serious consequences for the broader market.

The exchange has suffered outages in the past, most often at times of high price volatility. A major outage in May led to steep losses for some users, who were unable to dump their coins during a sell-off.

Other crypto exchanges such as Coinbase and general trading platforms such as Robinhood have also suffered outages this year when trading activity has spiked, often causing anger among their millions of users.

Cryptocurrency markets were relatively calm on Monday, however. Bitcoin was up 0.9% to $61,499 on Monday morning.

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