Binance has announced that it has suspended withdrawals from accounts since a wave of new users has rushed to register. The exchange team has promised to keep the community updated and resume withdrawals soon.
#Binance will be suspending withdrawals temporarily in order to address a large increase in requests from new unique users.
Rest assured funds are #SAFU and we apologize for any inconvenience caused.
Updates to follow.
— Binance (@binance) January 29, 2021
As more capital rushes into crypto, Binance has had to temporarily shut down withdrawals
Binance chief CZ has tweeted that the platform is now experiencing an “ATH everything”: new users are signing up, making deposits, and trading and the system needs time to digest all that.
Funds are SAFU, CZ reminds his followers.
Withdrawals suspended again. System load issues. Funds are #safu. Should be fixed soon again. https://t.co/88pHmTjJoC
— CZ ? Binance (@cz_binance) January 29, 2021
On Thursday, when popular trading app Robinhood and several other trading platforms restricted trading of trending GameStop shares (cutting it down to selling only), the crypto community became outraged by these actions against retail investors.
Financial institutions were still allowed to both buy and sell.
Such influencers as David Portnoy, Anthony Pompliano, Max Keiser, and DCG founder Barry Silbert commented on that.
Keiser and Silbert opined that now that the flow of funds was rejected, funds would rush into Bitcoin and crypto in general as these are the only markets that cannot be shut down and are truly decentralized.
Earlier today, CEO of Tesla and SpaceX Elon Musk wrote only one word in his Twitter bio: “Bitcoin.” That sent BTC from $31,000 to $37,000 in less than half an hour.
Read more:
- Decentralized Exchange (DEX) Aggregator 1inch Has Traded Over $10 Billion In Lifetime Trading Volumes
- The Chinese Police Intensified Their Crackdown On Crypto Exchanges OTC Trading Services In The Last Year, Most Recently Huobi