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Binance shares further delay its platform

Alexa Acosta
3 min read
Binance shares further delay its platform – Cryptocurrencies – WebMediums

One of the most used exchanges worldwide had the need to suspend withdrawals from its platform, in an attempt to avoid delays. It is a phrase that does not have much logic, but it is just what happened today, November 1, 2021 with Binance.

Apparently, starting in the afternoon, the Binance platform was starting to have problems, and payments were unusually late. For a moment, the problem went unnoticed, but soon the matter was taken up, where the company completely suspended the transactions.

Users are asking: Are our funds safe?

Binance shares further delay its platform – Cryptocurrencies – WebMediums

Unable to carry out transactions, users were immediately alarmed, as they believed they had lost their money. Fortunately, the event had no consequences, and users were able to recover all their money, and transactions returned to normal.

This little scare is nothing more than a reminder of how dangerous it is to store cryptocurrencies on platforms managed by third parties. Although Binance assures its users the safety of their money, a situation can always occur where it is needed, and you cannot access it.

What are the probable causes of this problem?

Binance shares further delay its platform – Cryptocurrencies – WebMediums

As Binance has not given a concrete answer, we can only speculate a bit about this strange suspension of transactions. For several days there have been all kinds of unforeseen delays in the platform of this exchange.

Few users realized that it was a failure, but if it is, a failure that ended up spreading until today. Possibly what happened, was that Binance realized the error and stopped all transactions to repair it immediately, before it got worse.

It could have been a simple error on the server, perhaps due to the huge number of transactions the servers became hot and caused delays. Perhaps the actions of this company were to prevent their equipment from suffering some kind of damage, causing losses of billions of dollars.

Another situation would be one where a hacker has tried to corrupt the base code of the platform, it is something that could actually happen. This is undoubtedly one of the causes that most alarms Binance users, since in the best of cases they would lose their money.

What is the best solution for users?

For those who blindly trust third-party platforms, Binance is still reliable enough to continue to be used. But if you are one of the users looking for the best security, it is best to look for a more secure wallet.

If each user keeps their cryptocurrencies, this type of problem would stop happening almost immediately, since without third parties, the money is stored more securely. There are several reliable methods to store cryptocurrencies, the most infallible without a doubt is to save them on a USB.

Binance shares further delay its platform – Cryptocurrencies – WebMediums

Using physical paper is also a good option, since you can store all your information inside a physical object. You can keep this object in your personal safe or simply keep it in a very safe place.