Crypto trading platform Binance reported that it experienced errors with trading and briefly suspended withdrawals of Bitcoin, Ethereum, and Doge on May 10.
“All withdrawals are temporarily suspended on #Binance. Rest assured our team is working on it. We apologize for any inconvenience caused and thank you for your patience,” tweeted Binance at 7:10 AM EST.
By 7:34 AM, Binance reported that systems were back online and that withdrawal requests went into a queue before they were processed.
Several Binance users expressed their shock over the sudden outage on social media.
“Stocks are down, Binance transactions don’t work, everything is falling apart. Welcome to 2021,” said user @roycefestival.
There were also speculations that the outage was caused by the new offering of Shibecoin ($SHIB.)
“Some have voiced concerns about $SHIB listing. We follow users. There is a large number of users demanding it, to the point where we ran out of ETH deposit addresses due to SHIB today. Never happened before for any other ERC20 coin,” said Changpeng Zhao, Binance co-founder.
Binance has not yet officially addressed the traffic backlogs but Bloomberg reported that it might be because of a big increase in trades.
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