Users Claim Binance Partially Blocked Monero Withdrawals

Several investors are facing issues withdrawing money from their Monero (XMR) wallets on Binance, leading to an outcry on Reddit.

XMR issues on Binance worry users

an excited customer, Identified as whatjay, posted a screenshot showing the XMR withdrawal suspension. The post comes just hours after several customers complained about problems with XMR withdrawals on Binance. Customers using Monero wallet are receiving a message that they need to wait for wallet replenishment.

Image featured on Reddit shows Binance experiencing technical difficulties effecting withdrawals Monero,

Binance Partially Rejects Monero Withdrawals, Users Claim
Screenshot of Binance created by a Reddit user

Another customer questioned the motive behind the withdrawal suspension, attributing it to liquidity issues or a deliberate move by the exchange until the market was in their favour. another user There was speculation that Binance might be out of XMR and was waiting for deposits to authorize pending withdrawals. Most customers continue to speculate about the reasons for the suspension, while others said their return was successful.

However, the deposit option in Binance is working well. Amid customer complaints, the company is yet to issue a statement alerting its users on the suspension of withdrawals in Monero.

On August 13, Binance suspended Withdrawals and deposits via Monero (XMR) when the development team upgraded their systems. Binance informed its users about the suspension and provided a timeline for resolution.

Is Binance Facing Liquidity Problems?

Was on Binance last week the limelight Following the majors, the auditing firm that conducted proof-of-reserve evaluations halted its services for crypto-related clients. Customers suspended by Mazars’ proof of reserve services include Binance, and KuCoin. The main concern of the suspension was with regard to public perception of the reports.

According to the legends, Report Generated were not audit opinions or assurances but were limited to the results of historically agreed procedures. A report released earlier in December indicated over-collateralization of bitcoin reserves.

The company is facing challenges. last week’s article The withdrawal halt of USDC prompted the Binance CEO to blame the banks for the shutdown.

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