Cryptocurrency exchange Binance has suspended deposits and withdrawals due to a technical glitch.
Binance, one of the popular cryptocurrency exchanges, has interrupted deposits and withdrawals for a while due to a technical glitch. The problem was solved in about 1 hour.
Binance Suspends Withdrawals for a Short Time
In its tweet, Binance stated that the incident occurred at 07:00 UTC, saying that the technical issue that caused the withdrawals to be temporarily closed was caused by a third-party service provider. However, the exchange did not specify technical issues and affected networks.
Earlier today, around 07:00am UTC, #Binance temporarily closed withdrawals for multiple networks due to an issue with a third-party technical provider.
Our team responded quickly, resolving the issue within 1-hour.
Funds are SAFU. Thank you for your patience and understanding.
— Binance (@binance) August 17, 2022
Binance also announced that the team got the issue under control within an hour, while ensuring users funds are safe as it activated the Secure Asset Fund (SAFU) for Users.
Especially since 2018, Binance has been using the SAFU feature as an emergency insurance fund to protect users’ funds.
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