market was specifically tailored to serve American consumers, and it adheres strictly to the applicable regulations governing cryptocurrency exchanges. To further reassure its users, Binance US reiterated its commitment to operating within the regulatory framework of the United States.
As a result, BCH withdrawals on all networks have been fully operational since late Sunday night, allowing customers to access their funds seamlessly once again. Through their efforts, a fix was implemented to restore the normal deposit, hot wallet, and cold wallet flows. As a precautionary measure, Binance US decided to suspend BCH withdrawals until the issue was resolved.īinance US promptly responded to the situation by dedicating its technical team to investigate and rectify the problem. However, due to an unforeseen technical glitch, the automated sweeps from customers’ BCH deposit addresses were not processing as expected over the weekend. From there, the funds are securely moved to cold wallets for storage. Under normal circumstances, the system automatically transfers funds from customers’ individual deposit wallets to the exchange’s hot wallets. The temporary pause in BCH withdrawals was the result of a technical problem within Binance US’s deposit sweeping system. By maintaining this reserve, Binance US ensures that customer funds are fully backed and available for withdrawal at any time. The company has emphasized that it maintains a 1:1 reserve ratio, which means that for every BCH held by customers on the platform, an equivalent amount of BCH is held in reserve. In response to the circulating fear, uncertainty, and doubt (FUD), Binance US has clarified its position on BCH reserves. Following a temporary suspension of BCH withdrawals due to a technical issue, Binance US has successfully restored the service, alleviating any uncertainty among its user base. The company aims to reassure its customers that their funds are safe and secure. Binance US, the American subsidiary of Binance, the world’s largest cryptocurrency exchange, has taken swift action to address concerns surrounding its bitcoin cash (BCH) reserves.
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