Binance is facing a technical challenge that has forced it to temporarily suspend cryptocurrency withdrawals on the exchange.
Binance, the world’s largest cryptocurrency exchange, has announced that it is currently facing a “technical issue” that has led to the temporary suspension of cryptocurrency withdrawals. However, the platform confirmed that fiat currency withdrawals, i.e., cash, are available and working as normal.
Initial news of the technical issue was announced by Binance via its X account, where the platform stated the following:
“We are experiencing a technical issue with crypto withdrawals. As a result, they are temporarily unavailable whilst our team works on the fix. Fiat withdrawals are available and working. All funds are SAFU. We apologize for the inconvenience and will update on progress.”
This news generated some uncertainty among users of the platform and the market in general, since Binance is one of the most used exchanges globally. The temporary suspension of cryptocurrency withdrawals led to speculation about the nature of the technical issue, as well as its possible impact on users’ assets.
Crypto Adoption in Nigeria Soars Amid Currency Crisis
A great example of how blockchain technology can make a difference in times of monetary crisis. With the volatility of the Naira and its constant depreciation, both individuals and companies are seeking refuge in USDT from Tether and other cryptocurrencies, Asolo highlighted.
In this context, Binance, one of the leading global cryptocurrency exchange platforms, has played a crucial role in the adoption of cryptocurrencies in Nigeria. The company has provided an efficient avenue for Nigerians to access a variety of cryptocurrencies, including USDT, and facilitate conversion between Naira and cryptos.
The Chainalysis report also highlights that the use of cryptocurrencies in Nigeria is not just limited to digital asset trading, but they are also being used to make everyday payments. This shows the growing confidence in the stability of stablecoins and the need for alternative financial solutions amid the currency crisis.
Nansen Reports Major Asset Transfers from FTX to Binance
Blockchain analysis firm Nansen has revealed a series of asset movements from FTX assets to a Binance address, which has generated interest and speculation in the crypto community.
According to on-chain data, the transfers include assets worth a total of $8.6 million, comprised of $2.2 million in Chainlink (LINK), $1 million in Aave (AAVE), $2 million in dollars in Maker (MKR), and $3.4 million in Ether (ETH). These assets originated from addresses previously associated with the FTX exchange and former sister company Alameda Research.
By tracing the transfers it was revealed that the funds were initially moved to an address identified as 0xde9, and were subsequently redirected to another address, 0xEae, which has been speculated to belong to Binance. Nansen clarified, though, that its analysis is limited to the chain and cannot track movements outside of it.
Maestrobots Refunds Users After 280 Ether Attack on Telegram
The cryptocurrency bot group known as Maestrobots, which operates on Telegram, has taken action by refunding users affected by an attack that resulted in the loss of 280 Ether (ETH).
The announcement was made on October 25 through the official Maestrobots social media account on X. According to the publication, the team decided to use their own funds to compensate for the losses of users affected by the Maestro Router 2 contract incident. In total, 610 ETH was disbursed. Such gesture of generosity highlights the importance of the crypto community in self-regulation and mutual assistance in times of crisis.
By Leonardo Pérez
