Cryptocurrency Exchanges

Binance Terminated Withdrawal Facility due to Technical Issues

Binance users have been having a tough time dealing with their crypto reserves during the last 24 hours. Binance has posted a new notification on its official Twitter account for the users. As per the notification, the largest crypto exchange platform in the world has halted the function of withdrawals for the time being. The officials claim that this functionality has been disabled due to the buildup of a huge backlog on the platform.

The consumers who want to withdraw their cryptocurrency reserves are unable to do so on Monday. Binance has received a huge number of complaints from account holders from every part of the world. The post on Twitter by the Binance team further apologized to the consumers for the disturbance and told them that they were working to fix the issue as soon as possible.

Rise of Meme Tokens

Many users claim that the recent technical difficulty faced by Binance is a result of a rush among investors for obtaining more Shiba Inu coins. This meme cryptocurrency that is a copy of the satirical token called Dogecoin has been able to gain as much as 4000% in the price per unit during the last few weeks.

This is not the first time that giant crypto exchange platforms like Binance have faced such lags. In May 2021, when the cryptocurrency market was undergoing a major correction stage, platforms like Coinbase and many others were frozen. During this time, a huge number of users were unable to access their holdings, and the situation created massive havoc in the crypto market.

Binance is facing regulatory pushback from multiple countries in the current year. However, due to the crash incidents, there are a lot of financial institutions that have decided to claim responsibility for their loss on the massive crypto exchange market. A Swiss investment firm called Liti Capital has raised 5 million in legal fees to sue the platform.

Recently, Binance officials updated that the withdrawal restrictions have been removed. However, the platform was unable to deal with the massive traffic and had to disable the service once again. According to experts, due to the unexpected increase in demand for currencies like the Shiba Inu token, the Binance team needs to install more upgrades on the platform to ensure smooth operations without any interruptions.

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