Binance has temporarily stopped withdrawing ethereum (ETH) and ERC-20 tokens due to heavy network overload.
This event follows the strong growth of BNB (Binance Coin), which has given rise to some conspiracy theories.
Meanwhile, the price of ETH is rapidly approaching the resistance zone located at $ 2000.
On February 19, the Binance exchange announced that it was temporarily suspending Ethereum (ETH) withdrawals to resolve a saturation issue.
However, some traders insist that the platform stopped withdrawals from ETH at least an hour before the announcement was made.
Hello conspiracy theories
Although Binance has acknowledged a spike in activity in the Ethereum market, many believe the congestion is not as bad as the exchange claims, and that it shouldn’t lead to such a drastic decision.
“Ethereum is not even saturated right now. It was much worse on several occasions, and while withdrawals were not suspended ”.
Larry Cermak, a principal investigator at The Block, added that he had “rejected withdrawals over an hour ago”. Some users who also have difficulty withdrawing their ETHs reiterated that Bitcoin Rush may be doing something fishy.
Based on this, the concerns of the crypto community regarding centralized services are then fully visible
Was this an attempt to manipulate the market by pushing the BNB (Binance Coin) up further? It is not yet clear. The NBB has recently hoisted in the top 3 cryptomonnaies by market capitalization, stopping at just under $ 350 per token.
This unprecedented growth in its history has followed tremendous interest in Binance Smart Chain (BSC) and its largest project, PancakeSwap .
In recent weeks, traders have turned to BSC-based Decentralized Exchanges (DEX) in search of a less expensive service. A user who was watching gas fees closely after Binance suspended ETH withdrawals found an interesting correlation: