Home BUsiness “Safeguarding User Funds: Binance US Dispels Bitcoin Cash FUD and Ensures Security”

“Safeguarding User Funds: Binance US Dispels Bitcoin Cash FUD and Ensures Security”

by primenewsglobal.com

Binance’s U.S. platform has rejected rumors regarding its bitcoin cash (BCH) reserves, reassuring customers that their funds are safe. On Sunday, the exchange restored BCH withdrawals after a brief suspension attributed to a technical issue with the automated system managing deposit flows.

“Securely Restoring BCH Withdrawals: Binance US Takes Action Amid Rising FUD”

Binance US, the American arm of the leading global cryptocurrency exchange, has taken a stand against FUD (fear, uncertainty, and doubt) surrounding users’ bitcoin cash (BCH) holdings. The company reassured its customers that it follows a 1:1 reserve policy, meaning they maintain an equivalent amount of BCH in reserve for each BCH held on their platform.

In a statement released on Twitter on Tuesday, the exchange clarified the temporary halt in BCH withdrawals, attributing it to a technical problem with their deposit sweeping system.

“Under regular circumstances, our systems automatically transfer funds from individual deposit wallets to our platform’s hot wallets and then securely store them in cold wallets, following predetermined thresholds. However, leading up to the previous weekend, automatic sweeps from customers’ BCH deposit addresses were not occurring,” explained the platform.

As a result, BCH withdrawals were temporarily paused until Binance’s technical team resolved the issue and restored normal flows between deposit, hot, and cold wallets. The exchange confirmed that BCH withdrawals across all networks have been fully operational since late Sunday night.

The company emphasized its commitment to serving U.S. consumers and complying with U.S. regulations, stating that “in an environment where FUD spreads like a virus, we want to reiterate the purpose of Binance US and its adherence to U.S. regulations.”

Related Articles

1 comment

Libiaa 16 July 2023 - 14:06

Thank God.. we are safe now 🤑🤑

Reply

Leave a Comment