Crypto Chaos: Binance and Bybit Hit the Pause Button on Withdrawals!

by
  • Binance, in a plot twist worthy of a soap opera, paused withdrawals for a mere 20 minutes amid a selloff that had everyone clutching their pearls. Rest assured, it wasn’t a liquidity issue; just some technical hiccups!
  • In the midst of this digital drama, Bitcoin took a nosedive, plummeting over 13% and flirting with the unsettling price of $64,000-because who doesn’t love a good panic sale?
  • But wait! On-chain data revealed that Binance balances were actually on the rise, which means deposits were outpacing withdrawals. So much for that online hysteria!

Reports indicate that both Binance and Bybit decided to hit the pause button on withdrawals as selling pressure turned up the heat in the crypto kitchen. Naturally, this came as Bitcoin took a sharp dive, and user activity went into overdrive.

Withdrawal Pauses: Just Another Day in Crypto Land

It was all over social media like a bad haircut: Binance and Bybit reportedly pressed the brakes on withdrawals during a crypto selloff that could make a rollercoaster jealous. As prices tumbled, users found themselves waiting longer than a kid in a candy store.

BREAKING: Binance & ByBit have reportedly begun halting withdrawals as the crypto selloff accelerates

– Financelot (@FinanceLancelot)

In a rare moment of honesty, Binance admitted to the withdrawal interruption, blaming “technical difficulties.” Apparently, their systems were pulling an all-nighter and needed a quick catnap. But fear not! The withdrawals were back in action after a bit of tinkering.

Technical Woes or Just a Bad Hair Day?

According to Binance, the withdrawal freeze lasted a brief 20 minutes, and it was all due to some pesky technical issues-not liquidity problems. They reassured everyone that normalcy returned faster than a teenager on a school night once the issue was resolved.

In a tweet that probably calmed more than a few anxious hearts, Binance informed users: “We are aware of some technical difficulties affecting withdrawals on the platform.” Their tech team was on it like bees on honey, and shortly thereafter, everything was hunky-dory again.

We are aware of some technical difficulties affecting withdrawals on the platform. Our team is already working on a fix, and services will resume as soon as possible.

We appreciate your patience and will keep you posted!

– Binance (@binance)

Binance insisted they’ve got liquidity stronger than a double shot of espresso. They urged users to keep calm and carry on during market chaos and even suggested personal wallets-because who doesn’t want to feel like a crypto superhero managing their assets?

Social Media: The New Crystal Ball?

As prices fell, social media sparked a frenzy, with posts urging users to withdraw funds from exchanges. This understandably raised eyebrows and added pressure like a classic game of financial Jenga. Binance and Bybit became the talk of the town-rightly so, considering the drama.

However, contrary to the panic-induced narrative, on-chain data later showed that Binance balances actually grew during the mayhem, indicating that deposits were exceeding withdrawals. Who would have thought that social media might be a tad bit dramatic?

Exchange Leaders Set the Record Straight

Binance co-founder He Yi took to X (formerly Twitter, because apparently just calling it “Twitter” is too mainstream) to address a so-called “withdrawal campaign” making the rounds. She noted that after this campaign kicked off, the total assets held in Binance addresses actually increased. Take that, conspiracy theorists!

Binance co-founder He Yi posted on X that some users in the community had launched a “withdrawal campaign.” However, after the campaign began, the amount of assets in Binance’s addresses actually increased. She noted that regularly initiating withdrawals across all trading…

– Wu Blockchain (@WuBlockchain)

Yi also pointed out that regularly initiating withdrawals could serve as an effective stress test-though I wouldn’t recommend trying this at home. She advised against rushing blockchain transfers in volatile times, lest you accidentally send your funds to Neptune. Self-custody options like Binance Wallet, Trust Wallet, and hardware wallets were highlighted as safer bets.

In the end, Changpeng Zhao shot down rumors that Binance sold Bitcoin to fuel the selloff, declaring them as false as a three-dollar bill. He emphasized that the funds in question belonged to users, not the exchange, and reassured everyone that Binance operates with reserves of about $155.64 billion. So, sleep easy, folks-the digital world isn’t crumbling just yet!

Read More

2026-02-06 19:13