Insights

Binance Halts All Crypto Withdrawals Temporarily

When you decide to put money into Crypto you have an opportunity to surf on some big waves of capital, but make no mistake: there are sharks in these waters. Fear Uncertainty and Doubt (FUD) can cripple a booming speculative asset. One of the biggest (if not the biggest) sources of FUD comes from the nature of exchanges and the Mt. Gox incident. The Mt. Gox incident was a disaster in which a popular cryptocurrency exchange essentially lost all cryptocurrency users held on its platform to hackers. The first red flag to an event like this recurring would be the inability for a user of an exchange to withdraw their coins. 

Binance may be being honest when they say the reason for the halt in withdrawals was due to a “backlog” , but it doesn’t change the fact that the hiccup causes FUD in the market and may be the first warning sign of a deeper problem. We here at New Money Investor do NOT want to spread FUD, but we do want to educate our readers and remind them that unless you hold your coins in your own wallet, they are not your coins.  As of now all withdrawals have been resolved according to Binance and things are running smoothly. 

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