Key Points:
- Binance.US addresses concerns and clarifies the situation regarding recent Bitcoin Cash (BCH) withdrawals.
- The temporary pause in BCH withdrawals was due to a technical issue in the deposit sweeping system, which has now been resolved.
- Binance.US reiterates its commitment to the security of customer assets and adherence to U.S. regulations, emphasizing the safety of user funds.
Binance.US, the cryptocurrency exchange catering to U.S. consumers, has taken steps to address recent concerns and clarify the situation regarding Bitcoin Cash (BCH) withdrawals.
The exchange emphasizes its commitment to the security and integrity of customer assets while dispelling any misinformation or fear which has been circulating in the cryptocurrency community.
In an official statement released today, Binance.US reassured its users that the platform maintains a 1:1 reserve for BCH holdings. This means that for every BCH held by customers on the exchange, an equivalent amount is kept in reserve by Binance.US.
The recent temporary pause in BCH withdrawals was attributed to a technical issue within the deposit sweeping system. Under normal circumstances, the system automatically transfers funds from customers’ individual deposit wallets to the exchange’s hot wallets and eventually to the secure cold wallets. However, leading up to the past weekend, these automated sweeps were not occurring for BCH deposit addresses, unlike any other token.
To rectify the situation, Binance.US promptly suspended BCH withdrawals until the technical fix was implemented and the deposit, hot wallet, and cold wallet processes resumed their normal flow. The exchange expresses gratitude to its technical team for working diligently over the weekend to address the issue, resulting in full restoration of BCH withdrawals on all networks since late Sunday night.
Cinneamhain Ventures CEO Adam Cochran began it all by accusing Binance of being a “Ponzi” scheme with an evident hole across multiple assets. When compared to the largest exchange, Cochran claimed that although all assets have not yet vanished, users do not entitle to pay for CEO Changpeng Zhao‘s mistakes.
According to a screenshot Cochran shared on June 29, the exchange announced BCH/TUSD and CFX/TUSD trading pairings with no fees. He continued to provide updates. Binance’s motive for the upgrade is Binance’s motivation for the unbacked publishing of BCH while providing the idea that Sun’s unbacked shell business currency is supporting that volume.
Amidst the spread of Fear, Uncertainty, and Doubt (FUD) within the cryptocurrency ecosystem, Binance.US emphasizes its commitment to serving U.S. consumers while adhering to U.S. regulations. The company urges users to remain confident in the safety and security of their assets, emphasizing that no amount of FUD can alter the stringent measures in place to protect customer holdings.
Binance.US continues to be a steadfast platform where U.S. consumers can engage in cryptocurrency trading with peace of mind. The exchange’s dedication to maintaining a robust and secure infrastructure ensures that customer assets are safeguarded even in the face of occasional technical challenges.
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Source: https://coincu.com/201813-binanceus-now-pauses-bch-withdrawal/