Binance Crypto Withdrawals Back Online After Temporary Outage

Crypto withdrawals on Binance are back online after a temporary outage that was due to a "technical issue," according to a post on the exchange's X account.

"The issue is now fixed and all crypto withdrawals on Binance are now back to functioning as usual," the post on the platform formerly known as Twitter, said.

According to etherscan, one of the exchange's wallets last processed a withdrawal before the outage at 10:45 UTC; the update to say it was back online came at 11:55 UTC.

"Technical issue with a middleware service impacting withdrawals. Funds are SAFU. Our team is on it," CEO Changpeng "CZ" Zhao tweeted soon after the withdrawal pause.

The outage comes after around $100 billion was traded across all crypto venues on Tuesday, the highest daily volume since the FTX crash in November, 2022, according to CoinMarketCap.

The rise in activity comes alongside a hike in the price of bitcoin [BTC], which is trading at $34,300 after rallying to a 16-month high on Tuesday.

Binance last halted withdrawals in 2021, at the time citing a "heavy backlog." That outage lasted around 25 minutes.

UPDATE (Oct. 25, 11:41 UTC): Adds Zhao tweet, bitcoin price, previous withdrawals outage.

UPDATE (Oct. 25, 12:50 UTC): Updates headline and opening paragraph to say Binance withdrawals are back online. Adds context throughout.