When customers trigger an ACH cash deposit to their Binance.US USD account, it can take several business days for Binance.US to actually receive the funds from customers’ banks (clearly traditional banking is ripe for disruption!).Let’s take a behind-the-scenes look at what happens when customers deposit money to their account: We appreciate everyone in the community who voiced your feedback about this and helped influence this change we plan to continue to make improvements over the coming months to provide you with an even better experience using Binance.US. We’ve rolled out this upgrade so you can more freely withdraw the USD you deposit into your account as well as any crypto purchased using those funds. Over the last seven days, it’s down a little over 2%.We are excited to announce improvements to Binance.US’ withdrawal services.Įffective immediately, withdrawal holds have been decreased from 10 days to 7 days for all deposits made via bank transfer (ACH), debit card, and debit cards linked to Apple Pay. The Binance Twitter account described the events as a “learning opportunity.”īitcoin dropped around 3.8% from Sunday to Monday, with the price hovering around $27,900 at the time of publication. No way for me to confirm any… /qLQ1VQBlE1- John Reed Stark May 7, 2023 Now, I just read an, albeit 100% unconfirmed, report that the halt occurred right after $3.3 billion $BTC in aggregated account withdrawals from multiple exchanges. “Trust is nonexistent in the crypto ecosystem.”īinance has apparently/reportedly halted withdrawals citing network congestion. team of auditors would be on site and in Binance’s face, demanding to speak to everyone, demanding documents, demanding trading info, immediately investigating and referring any suspicious conduct to the U.S. “If Binance was SEC or FDIC registered, a U.S. Without clear oversight, he wrote on Twitter, it is impossible to verify the causes for the withdrawal pause. One analyst told CoinDesk that Bitcoin users are increasingly using the blockchain for smaller transactions rather than larger trades, which is leading to congestion and higher fees.Īs John Reed Stark, a former enforcement attorney at the Securities and Exchange Commission, noted, the episode reflects the risks of regulatory uncertainty. Fees have risen to two-year highs, largely driven by demand for “memecoins,” or crypto tokens created for speculation and humor, as well as the growing popularity of ordinals-non-fungible tokens embedded in Bitcoin transactions. □♂️□ (the screenshot is a google translate version) /iYcEx22xMJ- CZ □ Binance May 8, 2023Īlthough Binance’s announcements took center stage on Sunday, the turbulence reflected a hectic time for Bitcoin, the largest cryptocurrency by market cap. Bitcoin network fees are fluctuating, 18x in a month. There are some FUD about BTC withdrawal issues. “This is why it’s important for traditional media to hold on writing stories based solely on group think and FUD accounts they see on Twitter,” Hillmann wrote.Ĥ. The Binance Twitter account described the outflows as movements between Binance wallets. Patrick Hillmann, Binance’s chief strategy officer, shared a Twitter post that attributed the apparent outflows to Bitcoin being sent to new addresses on Binance, although withdrawals from the exchange still likely totaled nearly $300 million.
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