Binance.US Resolves BCH Withdrawal Issue
Binance.US, a prominent cryptocurrency exchange, has taken steps to address concerns and provide clarity regarding recent FUD (Fear, Uncertainty, and Doubt) surrounding BCH (Bitcoin Cash) on its platform. In a statement, Binance.US emphasized its commitment to customer asset security and sought to dispel any misconceptions.
We take the security and integrity of all customer assets seriously and want to address some recent FUD regarding $BCH. https://t.co/gM6e3xb9BX maintains 1:1 reserves, which means for every BCH you hold on our platform, we maintain a BCH in reserve.
The temporary pause we…
— Binance.US Customer Support (@BinanceUShelp) July 11, 2023
Binance.US BCH Reserve
The exchange reaffirmed its practice of maintaining 1:1 reserve, meaning that for every BCH held by customers on the platform, an equivalent amount is kept in reserve. This ensures that customer assets are securely accounted for and readily available for withdrawals.
Binance.US attributed the temporary pause in BCH withdrawals earlier in the week to a technical issue in its deposit sweeping system. The system, designed to automatically move funds from customers’ individual deposit wallets to the exchange’s hot wallets and eventually to cold wallets for secure storage, experienced a disruption. Notably, this technical issue was isolated to BCH and did not impact any other tokens on the platform.
BCH Withdrawals Fully Restored
To rectify the situation, Binance.US promptly initiated efforts to resolve the issue and restore normal operations. Over the weekend, the exchange’s technical team worked diligently to implement a fix, enabling the resumption of BCH withdrawals across all networks. Since late Sunday night, BCH withdrawals have been fully operational, providing users with the ability to access their assets as intended.
Amidst the spread of FUD within the cryptocurrency community, Binance.US reiterated its dedication to serving U.S. consumers and complying with relevant regulations. The exchange reassured its users that their assets remain safe and secure. Binance.US emphasized that no amount of FUD can undermine the security protocols in place to protect customer funds. By proactively addressing the technical issue and swiftly resolving it, Binance.US has demonstrated its commitment to transparency and customer satisfaction. The exchange’s actions aim to instill confidence in its platform and ensure a smooth experience for users engaging in BCH transactions.
