Binance’s transient hiatus from Ethereum withdrawals leaves the neighborhood at a loss

Binance’s brief hiatus from Ethereum withdrawals leaves the community at a loss

Binance had a hiccup with its withdrawals for Ether (ETH) and all ERC-20 assets on Friday, with users unable to access any of their Ethereum-based assets for about an hour. The break came abruptly when the Twitter account of the exchange notified Users for whom Binance had “temporarily suspended the withdrawal of ETH and Ethereum-based tokens to address an overload problem”.

Binance assured that “funds are SAFU” but did not provide any further details. About an hour later, there were apparently withdrawals restored However, the exchange didn’t try to explain what caused them to stop such a critical part of their infrastructure.

Average hourly gas prices in Gwei. Source: DuneAnalytics.

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