{"id":485482,"date":"2022-08-17T16:59:05","date_gmt":"2022-08-17T13:59:05","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/binance-assures-users-after-3rd-party-glitch-briefly-halted-withdrawals\/"},"modified":"2022-08-17T16:59:05","modified_gmt":"2022-08-17T13:59:05","slug":"binance-assures-users-after-3rd-party-glitch-briefly-halted-withdrawals","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/binance-assures-users-after-3rd-party-glitch-briefly-halted-withdrawals\/","title":{"rendered":"# Binance assures users after 3rd-party glitch briefly halted withdrawals"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2fac8daca55\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2fac8daca55\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/binance-assures-users-after-3rd-party-glitch-briefly-halted-withdrawals\/#%E2%80%9D_Binance_assures_users_after_3rd-party_glitch_briefly_halted_withdrawals_%E2%80%9C\" >&#8221; Binance assures users after 3rd-party glitch briefly halted withdrawals  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Binance_assures_users_after_3rd-party_glitch_briefly_halted_withdrawals_%E2%80%9C\"><\/span>&#8221; Binance assures users after 3rd-party glitch briefly halted withdrawals  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDgvYjNjYWJjMTUtNzY5OS00MjQwLTgzZjYtMmRhZjgxZjhlNTA0LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-28d77a7a>Cryptocurrency exchange Binance <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/binance\/status\/1559817409673977862?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1559817409673977862%7Ctwgr%5E607a6901bdb6cf92e919a86ced9dc49e31d4c7b7%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Ffinbold.com%2Fbinance-says-funds-are-safu-as-exchange-temporarily-suspends-withdrawals%2F\">announced<\/a> a temporary freeze on withdrawals on Wednesday morning. The suspension took place across multiple networks as a result of a technical issue by a third-party provider, according to Binance.\u00a0<\/p>\n<p>In a tweet, the exchange said the incident took place around 7:00 am UTC and was resolved by the team within an hour.  <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Earlier today, around 07:00am UTC, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&amp;ref_src=twsrc%5Etfw\">#Binance<\/a> temporarily closed withdrawals for multiple networks due to an issue with a third-party technical provider. <\/p>\n<p>Our team responded quickly, resolving the issue within 1-hour.<\/p>\n<p>Funds are SAFU. Thank you for your patience and understanding.<\/p>\n<p>\u2014 Binance (@binance) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/binance\/status\/1559817409673977862?ref_src=twsrc%5Etfw\">August 17, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nBinance also assured users that despite the freeze, funds are \u201cSAFU.\u201d This acronym stands for the exchange\u2019s monetary fund, Secure Asset Fund for Users (SAFU). The fund was created in 2018 by Binance to compensate customers in light of a hack on the exchange. It holds 10% of all trading fees. <\/p>\n<p>After questions about the fund from <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> users, the exchange promptly clarified the purpose and its $1 billion value. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Here&#8217;s everything you need to know about SAFU. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/umGZ0xv1rl\">https:\/\/t.co\/umGZ0xv1rl<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/cq3TCPVBfm\">pic.twitter.com\/cq3TCPVBfm<\/a><\/p>\n<p>\u2014 Binance (@binance) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/binance\/status\/1559845427532517377?ref_src=twsrc%5Etfw\">August 17, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>This comes only days after Binance recovered and froze nearly $450,000 worth of the stolen assets from the Curve Finance hack. In June, Binance also halted Bitcoin (BTC) withdrawals due to major network congestion. Binance is the world\u2019s largest crypto exchange and deals with nearly 3.224 million transactions per day.\u00a0<\/p>\n<p>Volatile market conditions have caused major turbulence for crypto companies. The crypto exchange Celsius also halted withdrawals in June, though it cited market instability. Shortly after it declared bankruptcy.\u00a0<\/p>\n<p>As a forewarning, Coinbase announced it will halt deposits and withdrawals of Ethereum (ETH) and ERC-20 tokens during the upcoming Ethereum Merge, scheduled to take place this September.\u00a0<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>The worst places to keep your crypto wallet seed phrase<\/em><\/strong><\/p>\n<p>Market volatility has caused some hodlers to reexamine where they store their digital goods. Many are turning to hardware wallets as the answer. One Twitter user responded to Wednesda&#8217;s Binance freeze with:<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">ANOTHER NEAR MISS&#8230;<br \/>&#8220;Funds are SAFU&#8221; &#8230;. <br \/> Until  they  are  not <br \/>&#8230;<br \/>&#8230; how many warnings do people need?<br \/>&#8230;<br \/>NOT YOUR KEYS NOT YOUR COINS<\/p>\n<p>\u2014 HEX \u24c2\ufe0fachine  Not in it for the tech. soz (@HexMachineV2b) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/HexMachineV2b\/status\/1559818148324397056?ref_src=twsrc%5Etfw\">August 17, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to a July report, the global hardware wallet market should outpace the global exchange market. It has an anticipated value of $1.1 billion by the year 2027, whereas the exchange market should reach a value of $675 million by 2028.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/binance-assures-users-after-3rd-party-glitch-briefly-halted-withdrawals\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Binance assures users after 3rd-party glitch briefly halted withdrawals &#8220; Cryptocurrency exchange Binance announced a temporary freeze on withdrawals on Wednesday morning. The suspension took place across multiple networks as a result of a technical issue by a third-party provider, according to Binance.\u00a0 In a tweet, the exchange said the incident took place around&#8230;<\/p>\n","protected":false},"author":1,"featured_media":485484,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDgvYjNjYWJjMTUtNzY5OS00MjQwLTgzZjYtMmRhZjgxZjhlNTA0LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,74860,75159,117,70610],"class_list":["post-485482","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-cryptocurrency-exchange","tag-digital-currency","tag-business","tag-finance"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/485482","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=485482"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/485482\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/485484"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=485482"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=485482"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=485482"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}