Binance Freezes Withdrawals and Suspends Core Services As Crypto Market Runs Hot

Lucas Cacioli  Feb 11, 2021 12:10  UTC 04:10

1 Min Read

As the cryptocurrency market reaches all time high retail interest, exchange giant Binance has announced a temporary suspension of services for maintenance on its platform.

Altcoins are surging, Bitcoin is consolidating and the crypto markets remain hot, however, Binance has just announced on their site that it will be undergoing temporary system maintenance and has suspended a number of core services.

According to the official notice on Feb.11, the Binance team writes:

“Binance is undergoing temporary system maintenance. Binance has suspended deposits, withdrawals, spot and margin trading, P2P trading, OTC Portal trading, savings & redemption, as well as asset transfers from sub-accounts, margin accounts, futures accounts and fiat wallets.”

The post adds that Binance Futures trading will continue unaffected during the maintenance period and assures users that their funds are safe.

Along with an apology, Binance noted that users will be notified once the exchange’s system maintenance is complete and will have “30 minutes to cancel orders, make deposit and withdrawals, and make asset transfers, before trading resumes."

As Binance suspends services the current cryptocurrency market cap sits at $1,36 Trillion with an astonishing 24 hours trading volume of $219 billion according to CoinMarketCap. There is currently no ETA given for the completion of the major global exchange’s resumption of services. 

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