Binance.US tweeted to clarify some FUD regarding recent BCH withdrawals. Binance.US maintains a 1:1 reserve, which means that every BCH held by customers on the platform is fully backed by the reserve.
The previous suspension of BCH withdrawals was due to a technical issue with Binance.US’ deposit carryover system. Under normal circumstances, the system automatically transfers funds from the customer’s personal deposit wallet to the platform’s hot wallet according to a preset threshold, and finally transfers the funds to the cold wallet.
However, the customer’s BCH deposit address was not automatically carried over last weekend, so the team suspended BCH withdrawals until the problem was fixed and deposits, hot wallets, and cold wallets returned to normal operation.
BCH withdrawals have been fully functional across all networks since Sunday night. Binance.US reiterated that it was established to serve American consumers and follow U.S. regulations. Clients’ assets are safe and no amount of FUD is going to change that.
