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Binance Crypto Withdrawals Back Online After Temporary Outage
The last withdrawal from one of Binance's Ethereum accounts was sent at 10:45 UTC.
Updated Oct 25, 2023, 12:52 p.m. Published Oct 25, 2023, 11:22 a.m.
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Crypto withdrawals on Binance are back online after a temporary outage that was due to a "technical issue," according to a post on the exchange's X account.
"The issue is now fixed and all crypto withdrawals on Binance are now back to functioning as usual," the post on the platform formerly known as Twitter, said.
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According to etherscan, one of the exchange's wallets last processed a withdrawal before the outage at 10:45 UTC; the update to say it was back online came at 11:55 UTC.
"Technical issue with a middleware service impacting withdrawals. Funds are SAFU. Our team is on it," CEO Changpeng "CZ" Zhao tweeted soon after the withdrawal pause.
The outage comes after around $100 billion was traded across all crypto venues on Tuesday, the highest daily volume since the FTX crash in November, 2022, according to CoinMarketCap.
The rise in activity comes alongside a hike in the price of bitcoin [BTC], which is trading at $34,300 after rallying to a 16-month high on Tuesday.
Binance last halted withdrawals in 2021, at the time citing a "heavy backlog." That outage lasted around 25 minutes.
UPDATE (Oct. 25, 11:41 UTC): Adds Zhao tweet, bitcoin price, previous withdrawals outage.
UPDATE (Oct. 25, 12:50 UTC): Updates headline and opening paragraph to say Binance withdrawals are back online. Adds context throughout.
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