Binance, the world's largest cryptocurrency exchange by volume, temporarily suspended withdrawals from its platform amid what it called "large volume increases" for Ethereum and XLM tokens.
Binance, the largest cryptocurrency exchange, briefly suspended withdrawals on May 10.
The exchange officially notified on Twitter that it had stopped withdrawals, and then about half an hour later said they had resumed.
The exchange tweeted at 7:10 a.m. eastern time that withdrawals would be suspended on the platform, meaning that while the platform is down, trading won't be processed. As of 7:34 a.m., the exchange later said that withdrawals are now resumed.
Bloomberg reports that the withdrawals could be likely due to the result of increased trading volumes.
Per Bloomberg, Binance has been attracting more than 300,000 user registrations per day as of February 2021. Given the increased interest of altcoins like DOGE among newbies coupled with growing institutional interest in Bitcoin, it’s likely that this average has gone up in recent months.
Binance cryptocurrency exchange reported on facing technical difficulties with altcoins such as ETH and XLM withdrawals due to a large increase in volume that resulted in issues with users from cashing out their crypto from the exchange.
The increased volumes in ETH and XLM come due to the surging price of the altcoins with Ethereum reaching a new all-time high above the $4,100 level.
Meanwhile, Stellar Lumens (XLM), has also surged to the highest level last seen back in early January 2018, $0.74, according to data shared by CoinMarketCap. The last time XLM reached an all-time high was $0.90 seen back on January 4, 2018.
It has become increasingly common for crypto exchanges to deal with trading disruptions or withdrawal errors especially with thousands of new users flocking to the crypto platforms hoping to sell higher during price spikes.