world’s largest cryptocurrency Binance US, the US branch of the stock exchange Binance, in a statement Bitcoin Cash (BCH) responded to rumors that its reserves were insufficient.
The exchange argued that it maintains a 1:1 reserve for every BCH token customers deposit or withdraw, and that the recent pause in BCH withdrawals was due to a technical issue that has now been resolved.
According to some reports shared by users, BCH withdrawals on Binance US were temporarily suspended.
According to the statement, Binance US had a problem with its deposit transfer system, which automatically transfers funds from customers’ individual deposit wallets to the platform’s hot and cold wallets for security purposes.
The issue only affected BCH deposits, preventing them from being transferred as usual, leading to a temporary lack of BCH in the platform’s hot wallet.
The exchange says its technical team has been working over the weekend to resolve the issue and restore normal deposit and withdrawal flows for BCH across all networks. He also claimed to clients that their assets were safe and secure and that no amount of fear, uncertainty and doubt (FUD) could change that.
According to the latest information, the technical issue with Bitcoin Cash on Binance US has been resolved. According to the data, it took up to 3 days to resolve the issue.
*Not investment advice.
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