Binance has responded to user concerns on social media regarding recent ZEC (Zcash) withdrawal issues, explaining the cause and the steps being taken to resolve the situation. According to Binance Customer Support, the issue arises from a technical failure within the ZEC application when using Ledger, which has temporarily disrupted users’ ability to withdraw their ZEC assets.
The exchange reassured users that their funds remain securely stored in cold wallets, with all assets safe (SAFU), as Binance works on a fix.
What’s Causing the ZEC Withdrawal Problem?
The root of the issue lies in a technical failure that has affected the ZEC withdrawal process for Ledger users. This failure has prevented some funds from being transferred out of Binance accounts, creating frustration for users who are unable to access their ZEC holdings.
However, Binance emphasized that no funds have been compromised and that the problem is strictly related to Ledger integration. The funds are still securely stored in cold wallets, and the issue remains confined to the withdrawal process.
Binance and Ledger Working Together for a Fix
Binance is working closely with the Ledger team to address the issue. The update required to resolve the problem has been prioritized, and Ledger is expected to release the relevant update by April 17.
Once this update is completed, Binance will begin gradually restoring the ZEC withdrawal functionality for affected users. In the meantime, Binance is exploring temporary solutions to mitigate the inconvenience caused by this issue.
What Does This Mean for Users?
For now, users will not be able to withdraw ZEC from their Binance accounts, but funds are safe. The exchange has assured customers that the problem is being actively addressed, and a full resolution should be in place by April 17.
Source Link: [Binance Support Update]
