Binance Suspends Withdrawal of Some Assets

Reading Time: < 1 minute

Binance, the leading cryptocurrency exchange, has recently announced the suspension of withdrawals for some particular assets and restricted the accounts of some users due to “anomalous price movements in certain trading pairs.”

According to the announcement:

“We are aware of anomalous price movement in some trading pairs on Binance, including assets like SUN, ARDR, OSMO, FUN, and GLM. This activity is not related to hacking accounts or stealing API keys; the funds are safe.”

It seems the events the company is referring to occurred on December 10, when, for example, the price of Cosmo (OSMO) rose by 460% in Binance, and then collapsed almost to the previous levels. Other assets experienced similar price changes.

Changpeng Zhao, CEO of the trading platform, has said that the company has found that abnormal price fluctuations are associated with “market behavior”. According to him, Binance has temporarily blocked the ability to withdraw funds for accounts that “received profits” as a result of relevant transactions.

If you like our content and want to support us, please follow us on X, Facebook and Instagram and don’t miss the latest news!