Business · Singapore Bureau
Binance suspends withdrawals following security incident
Cryptocurrency exchange Binance has temporarily halted withdrawals as it conducts a security review following an unspecified incident. The platform said customer deposits remain unaffected and funds are secure.
LSN Singapore ·
Binance has paused withdrawal services while it implements enhanced security measures, the cryptocurrency exchange announced, without disclosing whether Singapore-based investors were directly impacted by the incident.
The exchange assured users that customer deposits and funds held on its platform are safe and have not been compromised. However, the company did not provide details about the nature of the security issue or timeline for when normal withdrawal operations would resume.
The suspension affects all users attempting to move funds off the platform, though deposits continue to be accepted. Binance said the temporary restriction is necessary to complete a comprehensive security overhaul.
The announcement marks the latest operational disruption for one of the world's largest cryptocurrency exchanges by trading volume. Singapore has seen significant cryptocurrency adoption among retail and institutional investors, though the local regulatory environment for digital assets remains evolving.