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05 March 2021

Binance Suspends Ethereum and ERC-20 Token Withdrawals Before Quickly Reversing Course – Altcoins Bitcoin News

Binance Suspends Ethereum and ERC-20 Token Withdrawals Before Quickly Reversing Course – Altcoins Bitcoin News


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Binance CEO Changpeng Zhao corroborated the stress on the system, noting that gas shot past “+1200” during the latest congestion.

However, given the tremendous transaction volumes and gas fees that Binance pays to the Ethereum network weekly, this claim is hard to corroborate.

Yet, together with other recent events like the AWS problems that surfaced last week, this latest service outage begs the question as to whether centralized exchanges are capable of handling the latest torrent of investor flows.

While service interruptions have dotted the cryptocurrency landscape for years and become commonplace during periods of serious volatility, aggregators that pool liquidity from centralized (CEX) and decentralized exchanges (DEX) have cobbled together a patchwork solution.

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