The world’s largest cryptocurrency exchange, Binance, has now frozen customers from withdrawing their money.
Watcher.Guru reports that the company attributed this pause to a “technical problem.”
The exchange assured users that this interruption is not permanent.
“The exchange employed X [formerly Twitter] to inform its user base about the temporary unavailability of withdrawal services while the team addressed the underlying problem.
Nevertheless, the company assured that fiat withdrawals would remain operational.
Binance reaffirmed the security of all funds.
They also expressed regret for any inconvenience and pledged to provide updates on the situation’s resolution.”
The CEO of the exchange, Changpeng Zhao, also reassured users about the safety of their funds, emphasizing that they are secure.
He pointed out that the technical problem primarily involved a middleware service, which was affecting the withdrawal process.
Users on social media are scrutinizing the cryptocurrency exchange claiming “glitches” are now happening all too often.
Even in the traditional side of banking and finance, more US banks are now freezing and closing accounts.
Defi enthusiasts may expect these issues arising from even the US Treasury Direct, but not from crypto exchanges.
However, Binance is a centralized organization which means the exchange’s crypto is controlled by institutions rather than by the people.
In early June, Binance had halted dollar deposits, after the U.S. Securities and Exchange Commission (SEC) asked a court to freeze its assets.
“In the event that customers wish to withdraw U.S. dollar funds from their account, they may do so by converting U.S. dollar funds to stablecoin or other digital assets, which can subsequently be withdrawn,” the terms page said.
The SEC had sued Binance, its CEO and founder Changpeng Zhao, and Binance US’s operation in June, alleging in 13 charges that Binance had engaged in a “web of deception,” artificially inflated trading volumes and diverted customer funds.
Other Banking News Today
A major US bank will now permanently shutter 15% of its branches starting in January of 2024.
Executives at Huntington Bank have announced that the branches inside 11 ‘Cub’ supermarkets in Minnesota will be shutting down.
Huntington (Huntington Bank) Bancshares Incorporated is an American bank holding company headquartered in Columbus, Ohio.
The company is ranked 521st on the Fortune 500, and is 26th on the list of largest banks in the United States
The branches will be closing down on January 12 and these feature facilities for customers who want to withdraw cash and deposit checks, per The Star Tribune.
“Banks in Minneapolis, Blaine, Bloomington, Burnsville, Coon Rapids, Eagan, Inver Grove Heights, Maplewood, West St. Paul, and White Bear Lake will close.
The locations are said to make up 15 percent of the chain’s locations in Minnesota,” reports The-Sun.
“The upcoming closures come after the bank chain, which has 1,200 stores, announced a raft of future shutdowns.
Huntington Bank branches are set to shutter across Michigan, Ohio, and Wisconsin, as revealed by the Office of the Comptroller of the Currency.
Nine branches in Michigan are set to go to the wall and the closures are part of the banking giant’s consolidation plans.”
Toledo Blade reports that a total of 34 Huntington Bank branch locations will shutter by early next year.
But Huntington isn’t the only bank closing branches this year — this is a trend that even larger banks have fallen into, primarily due to the rising use of online banking.
Around 20 more Bank of America branches across the US will be closing down.
Brian Moynihan, the Bank of America CEO, said in an earnings call that the company’s headcount had reduced from 100,00 to 60,000, as reported by American Banker.
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