Binance Users Report Trouble…Time To Move Your Funds AWAY From Binance?

September 18, 2023 12:51 pm Comments

I have long warned users that they should not keep their funds on centralized exchanges—they should keep their funds stored safely on cold or hardware wallets—this is not an investment decision, it is a security decision.

No matter the medium one chooses to store their crypto, make sure it meets two requirements. First, make sure your storage of choice is not connected to the internet.

Secondly, make sure you have your own keys and keep them safe—as the widespread adage goes: not your keys, not your crypto.

It’s no secret that Binance has been facing immense regulatory pressures worldwide, and an exodus of high-ranking, senior officials from the company has only stoked customer fears.

Now, Binance users are reporting widespread withdrawal issues on the platform, as you read the reports below ask yourself one question: is it time to move my money off of Binance?

Daily Coin broke the story by presenting the most current claims of Binance issues:

“Dom,” a claimed Solidity developer, took to Twitter to disclose that Binance was not letting them withdraw their crypto holdings, seemingly corroborating the information shared by Napgone. According to the user, the exchange had also failed to respond to their support request.

One user named Kendall pointed out: “Binance has been losing fiat payment processing partners and that might explain why Binance tweaked its site layout to make it harder for customers to find the ‘withdraw’ and ‘sell’ buttons. Uh oh!”

Binance was quick to respond to user issues and allegations on the X social platform and explained:

“If users are experiencing withdrawal issues, it might be due to a number of reasons. We assure you that our team is dedicated to solving such issues promptly. Should you encounter any issue, please report it directly to our customer support so we can assist immediately.”

Late last month, Forbes reported:

A former U.S. Securities and Exchange Commission (SEC) official has warned buyers to beware after the exchange told a user in a since-deleted customer service message that it had suspended euro withdrawals and deposits via the single euro payments area (SEPA) system.

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