Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Binance => Topic started by: Cristiano on February 21, 2021, 06:47:15 AM
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Binance, the largest cryptocurrency exchange in the world by reported trading volumes, has temporarily suspended withdrawals of Ethereum and Ethereum-based tokens.
Its Twitter announcement cites congestion as the reason behind the suspension.
The exchange assures its users that their funds are safe, promising to provide updates:
Rest assured funds are #SAFU and we apologize for any inconvenience caused. Updates to follow.
Ethereum's scaling issues come to a head
Earlier today, Ethereum spiked to a new all-time high of $1,952, but its lack of scaling threatens its dominance in the decentralized finance sector.
The renewed congestion problems come amid the rapid growth of Binance Smart Chain (BSC) in the DeFi space. It is thriving off of Ethereum's inability to bring down the exorbitant cost of fees.
Earlier today, Changpeng Zhao, CEO of Binance, urged leading Ethereum-based DEX Uniswap to move to BSC.
Recently, Uniswap was surpassed by BSC-based PancakeSwap, according to CoinGecko data.
Info:- Ethereum Withdrawals Temporarily Suspended by Binance
https://cryptonews.net/472618/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared (http://Ethereum Withdrawals Temporarily Suspended by Binance
https://cryptonews.net/472618/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared)
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May be binance CEO changpeng Zhao (CZ) made a tick to rise binance in third place. Binance still now in third position and if Ethereum network fees continuing to increase then maybe binance coin push Eth in 3rd position.
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@Nikawe after everything that's going on, what you say doesn't seem strange to me. It is curious that just when Ethereum has the highest transaction fees in its history, Binance temporarily suspends withdrawals and coincidentally BNB takes third place. I also don't think BNB will overtake Ethereum in capitalization, and if it does it will be in a long time, the difference is huge right now.