Binance temporarily suspended deposits and withdrawals — The National

Cryptocurrency exchange Binance has temporarily suspended all deposit and withdrawal operations due to an investigation into a possible security incident. The company said it is conducting checks and working to resolve the issue.

Security review

As The National reports, the Binance team is working around the clock and cooperating with law enforcement agencies. In its statements, the company also said it is involving issuers and firms specializing in blockchain analytics.

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Binance said it will cover all losses. Later, the exchange reported that the confirmed total amount of frozen assets stands at about $3 billion. In a pinned post on X, the company assured users that their funds are completely safe.

Warning for users

The company urged customers to be cautious because of possible fraud and not to trust unofficial links, messages, or requests for account details. Binance also promised to publish a full report on the incident later. Trading, it said, will resume after the security issue is resolved.