Binance.US, the United States branch of major crypto exchange Binance, began suffering unforeseen platform issues on Aug. 7 around 15:26 UTC time, resulting in the company temporarily shutting off exchange features.
"Please rest assured that all customer funds are safe, and we will provide a further update soon,” a Binance.US representative told Cointelegraph.
"At 11:26am EST, we noticed our systems not functioning as intended," Binance.US tweeted on Aug. 7.
The tweet added:
"To protect our users, we will be stopping trading, order processing, buy crypto, deposits, and withdrawals. We will let users cancel their orders 30min before we reopen trading. We expect this will take 6 hours."
The platform followed up with a subsequent tweet, confirming all funds as insured, protected by the company's Secure Asset Fund, also known as "SAFU."
UPDATE AUG. 7, 17:37 UTC: This article has been updated with information Cointelegraph received from Binance US after initial publication.