Binance temporarily suspends ETH withdrawals, conspiracy theorists mourn foul over BTC Peers

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Binance temporarily suspends ETH withdrawals, conspiracy theorists mourn foul

Amid BNB’s meteoric rise on Friday and Bitcoin’s ascent to a new all-time high of $ 56,000, the world’s largest exchange, Binance, has suspended ETH withdrawals. Binance announced on February 19 that it was temporarily halting withdrawals due to congestion issues. However, some traders have neither of the excuses, with claims that the exchange suspended ETH withdrawals at least an hour before the announcement was made. In fairness to the exchange, withdrawals for all cryptocurrencies stopped at one point during the day for continued maintenance. Several conspiracy theorists have lent their voices to the Exchange action. Larry Cermak, researcher at The Block pointed out the fact that “withdrawals [were] rejected more than an hour ago. “Some users opined that Binance might be doing something shady behind the scenes. Ethereum isn’t even congested right now. It was much worse multiple times when withdrawals weren’t suspended: Larry Cermak (@lawmaster) 19 February 2021 Some believed the decision was made to ridicule the already stressed Ethereum network and further increase the price of BNB. This is what centralized exchanges do. Like banks, they control your funds and leave you defenseless . ETH defi on the other hand gives you full control. Is it worth losing your financial freedom with low gas rates? – MLSGRFX (@MLSGRFX) Feb 19, 2021 A user found a rather interesting correlation between Binance stock and gas rates. So Binance stopped withdrawals for an hour and gas rates dropped a lot, it just goes to show who is interested in keeping gas rates high. Binance is a maf ia.— LitBit (@ bittybitbit86) February 19, 2021 And of course there were those who believed that Binance was just flexing its muscles and trying to demonstrate Binance Smart Chain’s prowess over Ethereum. At press time, withdrawals from Ethereum and all other cryptocurrencies were reactivated. Continue reading on BTC Peers

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