- Binance experienced a withdrawal disruption, but all funds were kept safe and resolved quickly.
- Binance Coin ($BNB) Jumps 3% amid quick resolution
A temporary technical glitch disrupted withdrawals on Binance, leaving traders concerned until the platform resumed normal operations.
On February 3, Binance addressed the issue with the X handle, saying, “We are aware of some technical issues affecting withdrawals on the platform. Our team is already working on a fix and the service will be resumed as soon as possible.” And within 30 minutes, the Binance team confirmed in another post that the issue was resolved without any loss of funds or border confusion.
Some users panicked, comparing it to the futures exchange collapse in 2022, when Binance processed more than $15 billion in withdrawals within a week, but the exchange’s total reserves at the time were about $16 billion, and called for a faster exit. On the other hand, there are others who are unfazed by his initiative to solve problems amid market volatility.
Binance did not provide a lengthy explanation about the cause of the outage, allowing users to focus on important points, such as that withdrawals would be processed again once the site stabilized.
Binance’s reserve shift attracts market attention
The suspension comes at a time when traders are closely monitoring operating updates from major exchanges amid heightened volatility, particularly across crypto assets and broader risk assets.
Meanwhile, Binance is also focusing on the reserve shift of its Safe Assets Fund for Users (SAFU), confirming that the conversion will take place within a month, after which the SAFU fund will be held entirely in BTC rather than dollar fixed assets as part of a planned $1 billion conversion.
These changes remain focused on liquidity and exchange infrastructure, as fast-moving markets tend to exaggerate concerns about capital availability and trade execution, even if the issue is quickly resolved.
Meanwhile, Binance Coin ($BNB) is trading at $780, up 3.14% in the past 24 hours, but the 24-hour trading volume is down about 42%. $BNB It has fallen more than 11% in the past week.
