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Binance Suspends Withdrawals as New Users Are Rushing in Crypto

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Fri, 01/29/2021 - 11:14
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Yuri Molchan
As more capital rushes into crypto, Binance has had to temporarily shut down withdrawals due to a massive inflow of new users, deposits and trades
Binance Suspends Withdrawals as New Users Are Rushing in Crypto
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Binance has announced that it has suspended withdrawals from accounts since a wave of new users has rushed to register. The exchange team has promised to keep the community updated and resume withdrawals soon.

BTC
Image via Twitter

On Binance, "ATH everything": Changpeng Zhao

Binance chief CZ has tweeted that the platform is now experiencing an "ATH everything": new users are signing up, making deposits and trading, and the system needs time to digest all that.

Funds are SAFU, CZ reminds his followers.

ATH everything, user sign ups, deposits, trades, system loads. Will recover soon. Funds are #safu!

Related
$57 Million in Bitcoin Shorts Liquidated in 10 Minutes on Binance Thanks to Elon Musk

Did Barry Silbert and Max Keiser foresee this?

On Thursday, when popular trading app Robinhood and several other trading platforms restricted trading of trending GameStop shares (cutting it down to selling only), the crypto community became outraged by these actions against retail investors.

Financial institutions were still allowed to both buy and sell.

Such influencers as David Portnoy, Anthony Pompliano, Max Keiser and DCG founder Barry Silbert commented on that.

Keiser and Silbert opined that now that the flow of funds was rejected, funds would rush into Bitcoin and crypto in general as these are the only markets that cannot be shut down and are truly decentralized.

Elon Musk adds "Bitcoin" to his Twitter bio

Earlier today, CEO of Tesla and SpaceX Elon Musk wrote only one word in his Twitter bio: "Bitcoin." That sent BTC from $31,000 to $37,000 in less than half an hour.

Upd: withdrawals resumed

Binance has relaunched withdrawals after fixing the aforementioned issues.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.