Binance Suspends XLM and Ethereum Withdrawals

In a surprising development, Binance, the world’s biggest cryptocurrency exchange, announced that it is failing technical challenges with XLM and Ethereum withdrawals, citing a significant increase in volume, which triggered the investors to take their assets from the trading platform.

Although the company has assured its users that their professional team is looking into the bug, investors were quite shocked to hear the unexpected news, with a Twitter user commenting, “Fix your infrastructure, this can’t keep happening daily.”

The withdrawal issues come as the second most popular crypto asset Ethereum and another altcoin XLM, surged to new heights, with Ether touching its all-time high of over $4,000. On the other hand, the XLM surged to its highest value, which was last recorded nearly three years ago in 2018, when it touched its all-time high of $0.90. 

But the recent announcement from the Binance Twitter handle was not welcomed by most of the users, with some suggesting that the platform was eating the profits of investment, while others call it sheer incompetence.

Currently, many users are stranded as their payments to their trust wallets have been confirmed yet amid Ethereum’s record high surge.

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