Ethereum (ETH) and stellar (XLM) withdrawals temporarily suspended by Binance, why?

Earlier today, crypto exchange Binance announced that it was temporarily not possible to withdraw stellar (XLM) and ethereum (ETH) from exchange accounts. The news followed after both altcoins had rallied in value over the past few hours.

While ethereum managed to set yet another price record above USD 4,000, stellar was up about 30% in value since yesterday. Trading volume in both cryptos also increased, and more people wanted to pull their XLM and ETH from the exchanges and store them elsewhere. However, that was not possible this afternoon.

“Withdrawals from ETH and XLM are temporarily suspended due to a large volume increase causing a recording backlog.
Rest assured, our team is working on it.
We apologize for the inconvenience and thank you for your patience. ”

Fortunately, the problems have now been resolved. Still, it’s a good reminder that exchanges may not be the best place to hold your crypto for the long term. The now well-known saying goes: “Not your keys, not your coins,” which means that if you don’t have the private key to your wallet, the coins aren’t actually yours.

It is therefore always wise to keep crypto that you want to hold for the long term in your own wallet. Hardware wallets are the safest option for this.

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