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❕NEWS Binance has stopped withdrawals for Ethereum

AudraMiller

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One of the most important things when it comes to cryptocurrency exchange, is the ease with which you can deposit and withdraw funds. Especially if you need some of these funds in order to use them or if you are looking to trade between exchanges as well, and take advantage of their difference in prices. In a recent news article, Binance - a major and well-known exchange - has stopped withdrawals for the Ethereum coin, stating that there is a lot of traffic on the network. This can be quite frustrating for users that are looking to withdraw their Ethereum. Do you think that this was a wise decision by Binance, and could it affect their user base?
 

Brain

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Of course it can really reduce user base since no body needs a site that will temporarily limiting them from withdrawing their own funds. But I hope the issue has been rectified now since it was a mere network issues
 

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I think several platforms already stopped withdrawals for etheruem at the moment due to its overly high gas fees now due to the traffic in its network, some platforms even now charge large withdrawal fee for ethereum
 

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I think several platforms already stopped withdrawals for etheruem at the moment due to its overly high gas fees now due to the traffic in its network, some platforms even now charge large withdrawal fee for ethereum
It is better they stop it because the gas we are just too much imagine sometime you want to withdraw and amount of ethereum or ethereum base token and you discovered that the gas was even higher than what you want to withdraw.
 

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I still wonder who are those still transacting ethereum.because the gas fee is very high i think , But binance have already resolved the issue
 

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I still wonder who are those still transacting ethereum.because the gas fee is very high i think , But binance have already resolved the issue
Do you mean that withdrawals are now possible on binance, I am not interested in checking the app now because the price of all coins are not just smiling at all.
 

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Binance has announced on Twitter that they have temporarily suspended withdrawals of $ETH and Ethereum-based tokens due to high network congestion,but be rest assured your money are safe as they say
The last part of your comment is really encouraging at least it will give investors the peace of mind they will be needed at this point to wait the period out. Good of them to reassure their customers
 

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Do you mean that withdrawals are now possible on binance, I am not interested in checking the app now because the price of all coins are not just smiling at all.
Yeah i think so because my friend withdrew from it some hour ago. You can check the update to get more information regarding that on their news page,if you don't want to check the app
 

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Yeah i think so because my friend withdrew from it some hour ago. You can check the update to get more information regarding that on their news page,if you don't want to check the app
most people that have been withdrawing from this site are using P2P either the normal P2P or Express P2P so I don't know if bank withdraw is now possible and my app is not loading properly due to network issues.
 

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All this has a negative impact on the stock market. Of course the stock market will lose many customers. Etherium high commission is a big problem similarly repeated in the history of Bitcoin. If the transaction is slow and expensive Etherium will lose its dominant cryptocurrency status
 

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most people that have been withdrawing from this site are using P2P either the normal P2P or Express P2P so I don't know if bank withdraw is now possible and my app is not loading properly due to network issues.
Bank withdrawal isnt available for Nigeria unless you are willing to make use of p2p to trade i think, but what is the meaning of that express p2p
 

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All this has a negative impact on the stock market. Of course the stock market will lose many customers. Etherium high commission is a big problem similarly repeated in the history of Bitcoin. If the transaction is slow and expensive Etherium will lose its dominant cryptocurrency status
Sure it will have a negative impact on ethereum though people first buy USDT then they use it to buy ethereum easily on different Exchange plaforms
 

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I wouldn't blame Binance for taking such decision because of the ridiculous fees that are involved. In a way, the platform is just helping to save funds for investors.
 

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Ethereum's price has dropped almost 40% already. But im not surely if the transaction fees has lessen aswell i wonder why it's still suspended on other exchange
 

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One of the most important things when it comes to cryptocurrency exchange, is the ease with which you can deposit and withdraw funds. Especially if you need some of these funds in order to use them or if you are looking to trade between exchanges as well, and take advantage of their difference in prices. In a recent news article, Binance - a major and well-known exchange - has stopped withdrawals for the Ethereum coin, stating that there is a lot of traffic on the network. This can be quite frustrating for users that are looking to withdraw their Ethereum. Do you think that this was a wise decision by Binance, and could it affect their user base?
Yeah, the decision they took was for a reason and that we cannot say it wasn't wise for them to do that. They only suspended the withdrawal temporary and l'm sure they will open it by now.
 

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It is normal, I think they did it in order to reduce the traffic and maintain the working condition of their systems. It will not reduce there user base.
 

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That is so unfortunate for Binance users. Many of them will choose other wallets that don't restrict your funds even if it is temporarily. The funds may be safe in it but people may want their money urgently.
 

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It is normal, I think they did it in order to reduce the traffic and maintain the working condition of their systems. It will not reduce there user base.
I think that users that rely primarily on Ethereum for their withdrawals and their transaction may take their funds elsewhere during this time. This can either be a temporary migration to the other exchanges, or it could be something more permanent if they see that the other exchange is able to offer what Binance cannot.
 

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Concerning Binance stopping withdrawals for ethereum. Well, it can affect the fan base but I beleive other wallets too had the same problem due to much traffic on the cryptocurrency coin. It has been rectified
I know that there was a similar problem when it came to the burst of dogecoin and how the price increased so drastically. There was quite a few exchanges that had major delays with their withdrawals and their deposits, some even going as far as having a few days as the delay for dogecoin, because of the high volumes of transactions.
 

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One of the most important things when it comes to cryptocurrency exchange, is the ease with which you can deposit and withdraw funds. Especially if you need some of these funds in order to use them or if you are looking to trade between exchanges as well, and take advantage of their difference in prices. In a recent news article, Binance - a major and well-known exchange - has stopped withdrawals for the Ethereum coin, stating that there is a lot of traffic on the network. This can be quite frustrating for users that are looking to withdraw their Ethereum. Do you think that this was a wise decision by Binance, and could it affect their user base?
I think it is not a wise decision to ban withdrawal of ethereum from the Binance, because eth is a second most used cryptocurrency and it should be regulated at more exchanges
 
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