BEP-20 Deposits and Withdrawals Halted Temporarily on Binance

Disruption and alternative theories surfaced as BEP-20 deposits were suspended for a brief period.

By
Dardania Havolli
on
August 28, 2021
Category:
BSC News

BEP-20 Deposits Paused

For many that were hoping to use Binance Smart Chain’s BEP-20 token standard to move assets, August 27 could have been frustrating.

On Friday, Binance confirmed via their official Twitter account that BEP-20 had run into issues. At around 13:13 UTC time, Binance users no longer could withdraw BEP-20 tokens like BNB, BUSD, CAKE, and myriad others.

“BEP-20 deposits and withdrawals are temporarily unavailable on Binance.com. Rest assured our team is working on it. Thank you for your patience and apologies for any inconvenience caused,” the tweet stated. 

The inconvenience caused did not last particularly long. Withdrawals resumed just over an hour after being stopped, around 14:35 UTC. A follow-up tweet confirmed the resumption of activity, but it was long enough to prompt an array of responses.

Source

BSC Validator Update

The quick time in which the issue was addressed should have minimized any issues. The real problem seems to have arisen from some BSC validators not updating the hotfix release to patch a vulnerability in EVM - stemming from Ethereum. Binance Smart Chain community updated users 12 hours after the pause of withdrawals stating all validators have been upgraded.

Whatever the cause, and indeed the fix, the communication from Binance was subpar and not completely transparent. Binance will have its reasons for not divulging the issues at hand, but it tends to breed peculiar assumptions that can cause unnecessary fear, uncertainty, and doubt.

We’ll be sure to cover any developments as they occur and hope to see BEP-20 continuing to function effectively. 

Tags:
Dardania Havolli

Dardania is an experienced researcher, editor and writer who is currently completing his PhD in Creative Writing. He is passionate about blockchain technology and the impact it will go on to have on our lives.

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