Binance CEO Confirms Funds Are Safe, Following Withdrawal Issues August 23, 2019 August 23, 2019 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsAugust 23, 2019 by Kelly Cromley

Binance CEO Confirms Funds Are Safe, Following Withdrawal Issues

One of the largest and popular cryptocurrency exchange Binance has informed its users that their funds are not at risk after an unexpected technical snag affected withdrawals.

Changpeng Zhao (CZ), CEO of Binance, affirmed that the situation was resolved and there are no withdrawal issues. Furthermore, CZ guaranteed that the funds are safe and there was no compromise.

CZ tweeted “Funds are #safu,” a popular phrase he accidentally created while informing clients that there was no risk to their cryptocurrency holdings. The CEO explained that issues related to Amazon Web Services (AWS) caused the withdrawal problem.

He further clarified that there were cache errors for some of the Binance traders, leading to withdrawal issues.

CZ said “AWS is having an issue, mostly with caching services, affecting some users globally. We are working with them and monitoring the situation closely. It’s causing some 500 error messages on APIs and affecting some withdrawal processing.”

Notably, Binance was recently targeted by a hacker who falsely claimed that he had complete access to Know Your Customer (KYC) data of Binance customers. Before that, a hacker swindled $41 million worth cryptos by exploiting security vulnerability, causing a weeklong shutdown and payouts to users who lost their cryptos.

Earlier this week, Binance disclosed that it was busy on a new cryptocurrency venture, dubbed Venus, which will directly compete with Facebook’s planned digital currency Libra.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.