Bitcoin, Cryptocurrency And Blockchain News

Binance Delay Resuming Trading and Withdrawals Following Risk Warning


Binance have delayed lifting their suspension of trading and withdrawals, following the discovery of a potential security risk. The exchange’s risk management system has shed light on an issue, which means that their scheduled restart of services (9:30 UTC) has been postponed.

The initial announcement on the Binance site read:

Fellow Binancians,

Binance’s ongoing system upgrade will be extended. Our team is working hard to complete the upgrade as quickly as possible.

Another announcement will be made once the upgrade is complete. Users will be given approximately 30 minutes to cancel existing orders, deposit, withdraw and use other account functions before trading resumes. Please stay tuned for further information.

We apologize for any inconvenience caused, and thank you for your patience.

Thank you for your support.

But this was later followed by less positive news for users:

Fellow Binancians,

Due to a warning from a pre-trade check in our risk management system, we will postpone the start of trading and withdrawals.

Please stay tuned for more information regarding the reopening of trading and withdrawals.

We apologize for any inconvenience and thank you for your patience.

Thanks for your support!

Binance are currently the world’s 5th largest exchange by trading volume, with $619,160,963. They are at risk of dropping to 6th though, with Huobi fast approaching this figure and Binance likely to suffer a hit with this latest delay.

However, these checks and delays are not unusual, with Kraken doing something similar a couple of months ago, then underlining that the delay demonstrated their ongoing commitment to user security. It is almost certain that Binance will spin it the same way as Kraken.