Binance, a cryptocurrency exchange, temporarily suspended all withdrawals on November 1, citing “a large backlog.” The exchange resumed withdrawals a few minutes later, but then took them offline for a while an hour later.
According to the exchange, withdrawals were back online as of 10:00 a.m. EST.
Around 7:00 a.m. EST, Binance’s Reddit page saw a surge in initial reports of withdrawal and internal transfer issues.
The timing of this backlog did not appear to coincide with any specific market volatility, which is frequently the cause of crypto exchanges going down during periods of high activity. Binance’s volume had not increased significantly on Monday, according to CoinMarketCap.