Binance temporarily suspended the withdrawal of crypto assets due to the mass registration of new users

Cryptocurrency exchange Binance temporarily suspended the withdrawal of crypto-assets due to an increase in applications from new users. Withdrawals are now available.

Binance announced the suspension of withdrawals on Twitter, apologizing to users for the temporary inconvenience. The exchange was forced to take such a step to deal with the large number of requests from new users wishing to register on the platform. The number of deposits and transactions is also increasing, which creates a heavy load on the system.

Binance reassured users and reported that all their assets were safe. Less than an hour later, withdrawals were restored.

This is reminiscent of the situation in 2018, when Binance temporarily halted all transactions due to anomalous Syscoin cryptocurrency transactions and unusual activity on the blockchain. As a precautionary measure, Binance had to stop registering new users and remove all active API keys. As a result, all API users had to create new keys.

Binance has repeatedly gone on extended technical maintenance, suspending spot, margin and peer-to-peer trading. Problems have arisen with the message routing service and market data providers. According to Binance CEO Changpeng Zhao, the severe strain on the exchange’s technical system also played a role.