Binance suspends withdrawal to clear huge backlog

Binance, the biggest crypto exchange in the world, has put withdrawals on hold as it struggles to clear a large backlog.

The company said it had temporarily disabled all crypto withdrawals in a tweet posted at around 7.35 a.m. ET on Monday, but gave no other details about the exact problems it was facing.

At around 8 a.m., Binance said it had resumed withdrawals, but warned there would be a 30-minute delay in processing requests while the backlog cleared.

But not long after, at around 8:25 a.m., the crypto exchange closed withdrawals completely again.

Binance told Insider it had no further details to share on Monday morning, but urged users to keep track of updates on its Twitter page.

Binance is the biggest crypto trading platform in the world by daily trading volume, meaning any disruptions to the platform could have potentially serious consequences for the broader market.

The exchange has suffered outages in the past, most often at times of high price volatility. A major outage in May led to steep losses for some users, who were unable to dump their coins during a sell-off.

Other crypto exchanges such as Coinbase and general trading platforms such as Robinhood have also suffered outages this year when trading activity has spiked, often causing anger among their millions of users.

Cryptocurrency markets were relatively calm on Monday, however. Bitcoin was up 1.4% to $61,824 on Monday morning.