Binance halts withdrawals of newly listed memecoins PEPE and Floki Inu

The leading cryptocurrency exchange Binance has halted withdrawals of the two memecoins, PEPE and Floki Inu (FLOKI), shortly after listing them.

Users of Pepe coin and Floki Inu tokens could face difficulties when viewing their deposits, per an announcement by the Binance exchange. Issues with deposit visibility are likely to persist for some time.

Binance has suspended trading for FLOKI and PEPE tokens in its Innovation Zone shortly after announcing their listing and opening spot trading pairs for both tokens earlier in the day. The sudden suspension has come as a surprise and has left many traders in a state of confusion. The exchange has yet to release further details regarding the reason behind the decision.

Furthermore, Binance has assured users that the currently invisible deposits will be credited. The exchange has taken steps to address the issue and is working diligently to resolve it as soon as possible. Users can expect to see their deposits reflected in their accounts once the matter has been successfully resolved.

Also note that previous deposits currently not visible will be credited.

Deposits will reopen once our team has resolved the issue.

We will provide further updates here.

— Binance (@binance) May 5, 2023

The unexpected glitch has stirred up a lot of commotion among Binance users, especially those eagerly waiting to trade the newly listed tokens. Users are disappointed with the technical issue that has disrupted their trading plans. The glitch has caused inconvenience and frustration among the affected users.

Today, Binance announced adding FLOKI and PEPE to its exchange and new spot trading pairings, including FLOKI/USDT, FLOKI/TUSD, PEPE/USDT, and PEPE/TUSD. Before the exchange’s launch, Binance had requested users to make deposits of FLOKI and PEPE. This move by Binance provides users with more trading options and opportunities to invest in these newly added tokens.

Source