Robinhood Restricts Cryptocurrency Trading, Binance 'Nearly Ou | CryptoJournal

Robinhood Restricts Cryptocurrency Trading, Binance "Nearly Out of Addresses for DOGE"

Trading platform Robinhood on Friday limited its clients' access to cryptocurrencies, CNBC reports.

Earlier today, users started reporting stopping instant deposits to purchase cryptocurrencies on Robinhood. Thus, it was possible to invest in cryptocurrencies only the money that was already in their wallets. Robinhood explained that deposits can take up to five business days.

“Due to extraordinary market conditions, we have temporarily stopped the ability to instantly buy cryptocurrencies,” the company said.

Robinhood had already been the target of customer criticism shortly before, when on Thursday it banned them from buying shares of GameStop and some other popular companies. These stocks have seen sharp gains in recent days thanks to increased buying by retail traders.

At the same time, the Coinbase cryptocurrency exchange platform was unavailable. Binance temporarily stopped withdrawal options today. Its CEO, Changpeng Zhao, explained that they faced record levels of activity in several areas, including "user registrations, deposits, transactions and system load."

“We are almost out of addresses for DOGE,” Zhao told Bloomberg. “Our system couldn't create new addresses fast enough to keep up with the demand of new users. This is madness".

Events unfold against the backdrop of a 20 percent rise in the bitcoin rate in one day. At the time of publication, BTC is trading above $ 37,500.