On Monday, November 1, Binance said it was suspending withdrawals of all cryptocurrencies.
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
Company representatives said withdrawals had been resumed. Users were warned of temporary delays.
Crypto withdrawals have been resumed.
There will be a temporary delay in withdrawal processing as the backlog is cleared. We expect this to last about 30 minutes.
— Binance (@binance) November 1, 2021
Binance suspended withdrawals again. The company apologised to users.
Update: crypto withdrawals have been closed again.
We apologise for the inconvenience. Further updates will be shared in this thread.
— Binance (@binance) November 1, 2021
Binance resumed withdrawals.
Crypto withdrawals have been resumed.
Thank you for your patience, and we apologise for any inconvenience caused.
— Binance (@binance) November 1, 2021
According to company representatives, the reason was a large backlog of user withdrawal requests.
Earlier, Bitcoin price on the Binance.US platform within a minute fell by 87%, to $8,200. The incident was linked to a software bug in one institutional client’s system — its trading algorithm failed.
Earlier in April, the exchange suspended Binance Coin withdrawals amid record on-chain activity and heavy load on the platform, and in May the ability to withdraw all assets was temporarily disabled.
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