Binance Issues Statement Debunking “Bitcoin Cash Reserve Ended”
The Bitcoin Cash “FUD” that has been circulating lately has prompted a response from Binance US, the American affiliate of the cryptocurrency exchange Binance.
The American arm of Binance, the biggest cryptocurrency exchange in the world, has addressed claims that its Bitcoin Cash (BCH) holdings are depleted.
The exchange said that the recent halt in BCH withdrawals was caused by a technical problem that has already been fixed and that it maintains a 1:1 reserve for every BCH coin deposited or withdrawn by consumers.
Some users have reported that Binance US has temporarily disabled BCH withdrawals. The statement claims that there was an issue with Binance US’s deposit transfer system, which is responsible for securely moving clients’ cash from their personal deposit wallets to the platform’s hot and cold wallets.
There was a momentary shortage of BCH in the platform’s hot wallet because of the problem, which solely impacted BCH deposits and prevented them from being transferred as normal.
The exchange’s technical staff claims they have been working tirelessly all weekend to fix the problem and restore regular deposit and withdrawal flows for BCH on all networks. He also assured customers that their investments were protected from any potential loss due to FUD.
Binance US’s Bitcoin Cash technical problem has apparently been fixed, according to the most recent information. The statistics showed that fixing the problem may take up to three days.