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Binance resumes withdrawals of Ethereum after temporarily suspending it

Alisha Roy



Image Source: Pixabay

Crypto exchange Binance resumed withdrawals of Ether on its platform after the leading exchange temporarily suspended withdrawals of Ether and Ethereum-based tokens, in order to “address a congestion issue.” 

At the time, the exchange, which recorded over 33 billion in volume in the last 24 hours said on Twitter that funds were “SAFU.” 

Earlier today, Ether spiked to a new all-time high of $1,952.14 and was trading at $1,930.99, at press time. The world’s largest altcoin has been up by 0.4% and 1% in the hourly and daily time frames respectively. 

Lately, many users have been complaining about the high costs of the asset and Ethereum’s inability to tackle rising gas fees and its network congestion. 

Recently, Binance’s native token, BNB became the third-largest digital currency in the world, with more than $44 billion in trading volume, according to data from Coinmarketcap. 

At press time, BNB was trading at $286.22 with a 6.6% hike in price in the last hour. With a 24-hour trading volume of more than $15 billion, BNB has had a 49.3% hike in the daily time frame. Coincidentally, BNB surged past its new all-time high of $273.93 about an hour ago, which was roughly about the same time the exchange suspended ETH withdrawals.  

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Alisha is a full-time journalist at AMBCrypto. Her interests lie in blockchain technology, crypto-crimes, and market developments in Africa and the United States

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