Crypto Market skyrockets and Withdrawals are frozen and major services suspended by Binance

Binance which is a very well-known exchange has shut down its services temporarily for maintenance on its platform. This occurred when market hits ATH retail interest.

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While Bitcoin is holding onto its current price trying to consolidate, altcoins are seeing sharp rises in their prices, and with the market being pretty hot, Binance has stated that it has suspended certain major services to run some maintenance.

Here is the notice released on February 11 ;

“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.”

Binance states that Futures trading is excluded from this maintenance and users do not need to worry about their funds since they are untouched and safe.

Binance made an apology regarding this inconvenience and added that they will inform the users once the maintenance is complete and that the users will be given 30 minutes to deposit, withdraw or cancel their orders, or transfer any asset before the trading resumes.

According to CoinMarketCap, at the time of this suspension, the 24 hours shocking volume is $219b and the market cap sits at $1,36 Trillion. However, Binance has not provided any ETA for the end of this maintenance.

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Cryptocurrency(5)

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