Binance takes ETH withdrawals offline again, cites network congestion

TL; DR Breakdown

  • Binance exchange has suspended ETH withdrawals for the second time in days.
  • Ethereum gas fees have reached $30 per transaction.
  • Ethereum seems to have taken a huge hit during a recent market correction.

Binance seems to be running into a lot of issues with its network lately. Although some network issues have been experienced in the past during high-trading periods, there seems to be a lot of them this early in 2021. Apparently, Binance says that its suspension of withdrawals of select crypto tokens is only a result of network congestion.

A few hours ago, Binance took ETH and ETH-based withdrawals offline, giving the same reason. This event was announced by the exchange in a tweet. However, it was quick to assure investors that all their funds are SAFU. The exchange has been known to have measures in place that ensure that investor funds are not affected in the event of a catastrophic exchange mishap or attack.