Recent Bitcoin Volatility Has Forced Binance to Repeatedly Suspend Withdrawals

Binance, one of the world's largest digital asset exchanges, released an announcement on Twitter at 10:50 pm on February 22 that it has temporarily suspended withdrawals of $ETH and Ethereum-based tokens because of high network congestion, which created quite a stir among the exchange's customers. This was not the first time that Binance imposed restrictions for certain or all types of digital assets it offers amid significant volatility in bitcoin recently.

On February 19, another congestion issue also forced the leading marketplace organizer for the trading of digital assets to place a temporary withdrawal suspension on $ETH and Ethereum-based tokens.

Additionally, three weeks ago on January 29, with a sudden rush of new users and unprecedented trading increase putting its systems under a lot of stress and overload, Binance suspended and delayed withdrawals more than once, citing system load issues as the main reason.  

Having restored its normal operations for only 12 days, Binance was down again on February 11. Many investors in the crypto community complained that they were unable to access Binance's platforms and trading services. The same was confirmed by Binance CEO Changpeng Zhao. Due to a disk issue, Binance suspended that day not only withdrawals but also deposits, spot and margin trading, OTC Portal trading, P2P trading, savings & redemption, as well as asset transfers from sub-accounts, margin accounts, futures accounts, and fiat wallets.