BTC PULSE
No Result
View All Result
Play Now
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

Monero Users Urging Followers to Pull Coins From Binance

by Chiwuike Owunwa
Dec 29, 2022 - 12:00 am
in Blockchain
Monero Users Urging Followers to Pull Coins From Binance

On the 25th of Dec 2022, a Reddit user named Dr. Antarctica announced that Binance has restarted withdrawals of Monero on the Binance platform, though it might be temporary.

Monero is a cryptocurrency built with the intention of absolute anonymity of transactions. This means the transactions are not linkable or traceable, making it impossible to make connections between two Monero transactions.

Since it is difficult to know the source or destination of funds and the number of funds held by the user, some users are attracted to the project. The blockchain can track each transaction and record them, but it employs unique cryptography that blots out details such as the amount, source, or destination of a transaction.

Unlike BTC, Monero’s design is more akin to the concept of cash transactions. If one is not a party to a cash transaction, it is difficult to know the details as there is usually no accessible record of its execution. This is why the usage of Monero in centralized platforms posed a significant problem.

In April 2022, rumors spread that centralized exchanges were transacting with “paper Monero.” Cryptocurrencies that were not backed by reserves. The central bank has reserves to support the country’s currency in a traditional finance structure, but that establishment was missing in the crypto space.

Since Monero obscured the details of funds held in wallets, it’s difficult to confirm the amount of funds held by these platforms. So on the 18th of April 2022, holders of Monero planned a bank.

The aim was to ascertain if these crypto exchanges held the amount of Monero assets they were making available to their users. Thus they asked all users to withdraw their assets at the same time on the 18th of April, which was also Monero’s 8th anniversary.

Instead of providing transparent reports and audits, Binance and Huobi chose to freeze the withdrawal of funds so that their lack of appropriate funds would not be brought to light. Huobi claims it was having difficulties due to some wallet upgrades, which is why Monero users couldn’t withdraw or deposit funds.

Binance, on the other hand, didn’t provide a reason, simply showing a “withdrawal suspended” status on its platform. But it would seem that after more than 8 months of suspension, Binance has temporarily opened access for users to withdraw their assets.

In response to Dr. Antarctica’s post, some users pointed to this as one of the dangers of giving their assets to centralized platforms.

Tags: BinanceMonero
Chiwuike Owunwa

Chiwuike Owunwa

Chiwuike is a frontend programmer and writer with 3 years experience in the Web3. He's meticulous researcher, enthusiastic about Blockchain and the future of crypto, DeFi, and the Metaverse.

Related Posts

Exterior view of the Czech National Bank building in Prague, symbolizing the institution’s financial strategies and innovation.

Bank of England Governor Says Stablecoins Could Reduce Reliance on Banks

October 1, 2025

Andrew Bailey says stablecoins could reduce UK reliance on commercial banks by separating money from credit, signaling a...

blockchain

Spacecoin Executes First Blockchain Transaction Through Space

October 1, 2025

Spacecoin has achieved the first-ever blockchain transaction through space using a nanosatellite, marking a milestone for decentralization and...

The headquarters of the Autorité des Marchés Financiers (AMF) Investor in Paris, France, the regulatory body warning investors against ByBit.

French Officials Pressured Telegram to Censor Moldova Election Posts: Durov

September 28, 2025

Pavel Durov revealed French intelligence pressured Telegram to censor Moldova election content in 2024, which he refused, citing...

Wall Street financial district with Bitcoin symbol representing institutional adoption

Bitcoin skepticism fades as nations gear up for adoption, says Samson Mow

September 28, 2025

Samson Mow predicts nation-states will move from skepticism to rapid Bitcoin adoption, fueling global FOMO and a rush...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • About Us
  • Advertise
  • BTC-PULSE
  • Contact Us
  • Events
  • Privacy Policy
  • Sitemap
  • Terms of Service