Binance US, one of the leading cryptocurrency exchanges in the United States, has responded to recent concerns about Bitcoin Cash (BCH) withdrawals on its platform. Binance.US emphasized its commitment to security, client assets and regulatory compliance in a tweet shared from its official account. Here are the details…
Binance has stopped trading BCH
The temporary pause in BCH withdrawals earlier this week was due to a technical issue with Binance.US’s deposit sweeping system. The exchange explained that under normal circumstances, funds from customers’ individual deposit wallets are automatically swept into hot wallets and then transferred to cold wallets where assets are securely stored. However, due to a glitch, automatic sweeps from customers’ BCH deposit addresses were not occurring as intended, resulting in a temporary suspension of BCH withdrawals. It is important to note that this issue does not affect other tokens on the platform.
Binance.US acted quickly to resolve the issue and deployed its technical team to resolve the issue over the weekend. Their efforts have paid off and BCH withdrawals across all networks have been fully operational since late Sunday night. The exchange expressed gratitude to its dedicated technical team for their diligent work in restoring normal deposit, hot wallet and cold wallet flows.
The stock market made a statement.
Binance has been struggling to quench the fire of fear, uncertainty and doubt (FUD) for the past few weeks. The latest tweet was also with the BCH FUD. Binance.US issued an announcement to its clients on July 11, stating that it “want to clear some of the recent skepticism regarding BCH (Bitcoin Cash).” However, the company added that it holds a 1:1 reserve. “This means that we hold one BCH in reserve for every BCH you hold on our platform.” said.
Again, he explained that under normal circumstances, the system automatically sweeps funds from customers’ individual deposit wallets into their hot wallets and eventually their cold wallets. However, scans from BCH deposit addresses stopped working, causing a pause in transactions until a fix was found. “BCH withdrawals across all networks are fully operational since late Sunday night,” the firm explained. He used the following expressions:
You can rest assured that your assets are safe and secure, and no FUD will ever change that.
As a result, Binance.US has addressed recent concerns regarding BCH withdrawals and reassured its clients that their assets are safe and secure. This event underlines the importance of open communication and transparency between exchanges and their customers in the cryptocurrency industry.
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