Binance Has Responded to User Concerns on Social Media Regarding Recent ZEC (Zcash) Withdrawal Issues

 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.

Binance is dealing with an issue that has affected several users over the last day. The exchange has been experiencing problems with ZEC (Zcash) withdrawals, specifically for users who integrate their Ledger wallets with Binance.

According to Binance Customer Support, the issue stems from a technical failure in the ZEC application when used with Ledger, which has temporarily disabled users from withdrawing their ZEC assets. The exchange has confirmed that the problem is related to an "integration with Ledger," adding that the problem has since been resolved.

The exchange reassured users that their funds remain securely stored in cold wallets, and all assets are 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, leading to an influx of complaints and queries to Binance support.

However, Binance has stated clear that no funds have been compromised and that the problem is strictly related to Ledger integration. The funds are still in cold wallets, and the issue remains confined to the withdrawal process.

Binance and Ledger Are Working Together for a Fix

Binance is working with the Ledger team to resolve the issue, and the update required to fix the problem has been prioritized. Ledger is expected to release the relevant update by April 17.

After this update, Binance will begin restoring the ZEC withdrawal functionality in stages for the affected users. In the meantime, Binance is looking into temporary solutions to alleviate the problem.

What Does This Mean for Users?

For now, users will not be able to withdraw ZEC from their Binance accounts, but the good news is that their funds are safe. The exchange is actively working on a solution, which should be deployed by April 17.