The XRP Army recently took to X to express statements of displeasure upon discovering that the largest crypto exchange, Binance, suspended withdrawals of XRP via the XRP Ledger network.
One of the leading voices that called attention to the withdrawal suspension was Edward Farina, the Head of Social Adoption at XRPHealthcare. Farina urged XRP investors to move out their XRP tokens from centralized platforms to avoid the inconvenience of asset withdrawals.
BREAKING: ????#Binance has SUSPENDED the withdrawal of $XRP.
Get your crypto out of exchanges!!! pic.twitter.com/ohshvbnzCs— EDO FARINA ? XRP (@edward_farina) November 29, 2023
Also, an XRP enthusiast with X username “XRP Whale” shared the development, throwing a panic note, saying, “What is going on?”
?BREAKING: $XRP withdraws have been suspended on Binance!
What is going on??#XRP ?? pic.twitter.com/PaFJs3dAqG
— XRP whale (@realXRPwhale) November 29, 2023
Binance XRP Withdrawal Suspension Explained
According to information from Binance’s official website, the exchange periodically performs system maintenance on its wallets across various networks. The trading platform noted that the event sometimes affects deposit and withdrawal services for specific cryptocurrencies.
While such happens, trading services for the affected token will remain accessible. This was the case in the recently observed withdrawal suspension via the XRPL network. In particular, the screenshot of the withdrawal suspension shared in the community stated that Binance was experiencing high withdrawal volumes. As a result, the exchange paused the outflow to prevent long wait times.
Moreover, Binance has noted that cases of withdrawal suspension do not call for panic, unlike the situation that unfolded in the XRP community. Besides, Binance supported XRP withdrawals via other blockchain networks, such as the Ethereum ERC20 and the BNB Smart Chain (BEP20).
It is worth mentioning that the suspension tag observed for XRP withdrawals on Binance is no longer visible at the time of reporting. This implies the exchange must have completed the earlier maintenance operation on its XRP wallets.
XRP is Not Ripple
On the other hand, XRP community figure Mason Versluis, while commenting on the development, used the opportunity to correct the longstanding misattribution surrounding XRP and Ripple.
Specifically, he corrected that Ripple and XRP are distinct entities; therefore, crypto platforms should desist from mentioning Ripple when XRP is intended. In this case, Binance tagged the suspended withdrawal network ‘Ripple,’ though the exchange implied the XRPL.
Notably, Ripple is a payment firm based in the United States, while XRP is the native asset of the XRP Ledger. Moreover, Versluis lamented that this misattribution is part of the factors that have empowered the U.S. regulator to categorize XRP as security.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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