On 1st November, Binance announced a temporary pause in withdrawal activities via an official tweet, which extended slightly over 2 hours. Currently, it is the world’s largest cryptocurrency exchange in terms of trading volume daily.
Owing to a “huge backlog” of information, the major crypto exchange firm declared the same on its website. Before the service was restored, its CEO guaranteed all users that their assets were secure.
Binance notified users that transaction operations had been restored after the initial halt. But it reversed that move sometime later. The company later apologized for the disruption to its worldwide client base. They stated that any future changes will be posted in the forum.
The Twitterati gave a lighthearted reaction to the debacle. Binance CEO and founder Changpeng Zhao (on Twitter as CZ) asserted that all funds are SAFU: meaning safe financial assets in the cryptocurrency lingo. The firm then announced that crypto transactions have restarted at 9:48 A.M. ET.
Binance has indicated a strong desire to grow its network in recent months, most notably: Binance Smart Chain, its decentralized application development framework and digital assets.
The company unveiled the formation of a 1 billion dollar ecosystem development fund in the middle of October. It devoted 50% of the entire sum to initiatives creating artificial intelligence tech, virtual reality, the meta-verse, among other Web 3.0 areas.
Binance Smart Chain exceeded more than half a billion trades in late October, a remarkable feat given the fact that it had only been live for a little over a year.