Binance US Resolves Bitcoin Cash (BCH) Withdrawal Issue And Addresses FUD

Binance US, the American arm of the leading cryptocurrency exchange Binance, has resolved a technical issue that temporarily suspended BCH withdrawals on its platform.

The exchange assured users that their assets were safe and secure throughout the process and that the issue was not related to any liquidity problems.

Technical Issue Resolved

The technical issue that affected BCH withdrawals on Binance US was related to the platform’s deposit transfer system.

This system automatically transfers funds from customers’ individual deposit wallets to the platform’s hot and cold wallets for enhanced security.

However, the technical glitch prevented BCH deposits from being transferred as usual, resulting in a temporary shortage of BCH in the platform’s hot wallet.

Assets Safe and Secure

Binance US assured users that their assets were safe and secure throughout the process. The exchange stated that it has a 1:1 reserve for every BCH token deposited or withdrawn by customers and that the temporary suspension of withdrawals was simply a matter of technical difficulty.

Issue Resolved in Three Days

The issue with BCH withdrawals on Binance US was resolved in approximately three days. The exchange’s technical team worked diligently to identify and fix the problem. And normal deposit and withdrawal processes for BCH across all networks have now resumed.

No Liquidity Problems

Binance US also emphasized that the issue with BCH withdrawals was not related to any liquidity problems.