Binance and its team of developers are currently working on a fix to decongest the crypto company’s network of digital assets and continue a seamless crypto exchange and trading service. The withdrawal portal is currently unavailable on the behemoth technology company due to the congestion on its cryptocurrency network that pends exchanging or transferring digital assets.
The unavailable withdrawal portal on Binance has sprung reactions from its users having disconnected users from being able to access funds. Users’ reactions to the crypto giant dysfunction in networking tokens have reportedly recorded another partial shutdown of the crypto network.
For context, this is the second time in less than a day withdrawal on Binance has been temporarily shut down due to the skyrocketed account for massive pending transactions impacted by Bitcoin’s depreciation. The crypto wallet service provider is cited to have recorded massive pending transactions on the large volume of tokens awaiting withdrawal while the flagship digital asset suffers loss.
Pending transaction and paused token network impacts scenarios where a FinTech solution faces challenges that hover around the “effect of customers satisfaction.” Binance promises to reopen the temporary portal closure for $BTC withdrawals, while the crypto behemoth struggles with the inevitable challenge of how to evade the Bitcoin-inflicted fiscal crisis by dropping its value.
On Sunday recorded the initial withdrawal portal closure that lasted for about ninety minutes after the crypto behemoth discovered glitches in the crypto market. Today, the closed withdrawal portal iterated on Binance after the hiked records of pending withdrawal requests that got the crypto service provider fidgety to temporarily close withdrawals to resolve the glitch.
A closed withdrawal portal was experienced twice in less than twenty-four hours on Binance. The second was recorded after the flagship token, bitcoin devalued by 3% which reflected on other digital assets. Bitcoin’s current net value is trading at $28,200 per token – this is not impacted by traders’ commerce operation in the crypto market but by the availability of purchased and held tokens in the blockchain network to determine hiked Bitcoin’s net value.
Binance is currently working on fixing the withdrawal portal and re-stake its luck in capitalizing the remainder of the valued tokens on its network as the flagship token has depreciated by 3%. While users await the withdrawal portal reopening, users can continue minting Non-Fungible Tokens, NFTs, on Binance – hopefully, the flagship token net value increase to appreciate other digital assets and NFTs.