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Binance suspends crypto withdrawals due to massive backlog

  • Cryptocurrency withdrawals on the exchange have resumed, but a 30 min delay is expected
  • Binance added Shiba Inu/Dogecoin trading pair earlier today
  • They have bounced back from regulatory attacks by agreeing to cooperate with watchdogs all over the world

Binance, the world’s biggest crypto exchange by trading volume, suspended all crypto withdrawals this afternoon. The exchange assured users their funds were safe. They claimed that the suspension of crypto withdrawals was a result of a huge backlog accumulating since Bitcoin (BTC/USD) hit a new all time high.

Binance tweeted

We have temporarily disabled all crypto withdrawals on http://Binance.com 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.

Recently, Binance revealed that the trading volume on the platform had passed $1 billion in a single day, when Bitcoin reached the new all-time high of nearly $67,000. A backlog is only natural. The exchange reflects crypto trading volume from numerous countries as a leading spot market and one of the biggest platforms in the crypto derivatives market.

Withdrawals have resumed

Shortly after the suspension, cryptocurrency withdrawals on the exchange resumed. As they are clearing the log, there is a temporary delay in withdrawal processing. It will continue for about 30 minutes.

Binance added SHIB/DOGE trading pair today

Binance also added Shiba Inu/Dogecoin trading pair earlier today. This enables traders to move their funds within meme coins quickly and easily. Shiba Inu (SHIB/USD) gained almost 1,000% last month. The exchange provides guidance on what to do with Shiba after buying it here.

Binance recovering from regulatory attack

Binance is not only dealing with mass crypto trading interest, but also a series of regulatory attacks from several countries on its global platform. They have bounced back by agreeing to cooperate with watchdogs all over the world to ensure compliance and taking suitable regulatory measures.

CEO reveals plans to set up head office

Binance CEO ChangPeng Zhao has shared plans to set up a head office as well as branches in countries, on whose markets the exchange currently operates. The exchange will take the chance to get back on its build mode as it seems to be keeping regulatory trouble at bay, at least for the time being.

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