IOTA withdrawals from Binance suspended

The users are complaining about not being able to withdraw IOTA from Binance exchange for a long time and the IOTA cryptocurrency is falling down in price
15 December 2017   7024

Binance cryptocurrency exchange has announced launching IOTA coin on the platform 3 months ago having listed IOTA/BTC and IOTA/ETH trading pairs. Currently the users of Binance are facing issues with withdrawals of IOTA, and most of them have not been able to withdraw the money for several weeks after sending the request.

Binance support users comments towards IOTA withdrawalsUsers' comments towards the problem with IOTA withdrawals on Binance Support

The users who wrote to Binance Support, received the following reply:

IOTA has currently suspended transactions due to a bug in their system.
We have received word from them that they are working on it to fix the issue, but we are still waiting for confirmation from them with regards to when they will resume transaction operations. We appreciate your patience and understanding, and as always, thank you for your continued patronage.

The Binance Support Team 
Support 1023

Meanwhile, the price of IOTA has started to fall down, presumably due to the problems with money withdrawals. The coin decreased 0,46% within past hour, 1,03% within past 24 hours and eventually 7,95% within past 7 days.

IOTA ChartsIOTA Charts

At the moment of press, these are main market parameters of IOTA:

  • Average price: $3,88
  • Marketcap: $10 772 569 927
  • 24h volume: $694 015 000

Volkswagen to Use IOTA Technology For Software Updates

This project is designed to solve the key problem of secure transmission of software updates "on the air" (OTA) to the network of autonomous vehicles
12 June 2018   228

This week, the German automaker Volkswagen announced cooperation with the IOTA, which develops solutions in the field of the Internet of things. At the CEBIT 2018, the companies are planning to show a new experimental sample of their joint project based on the IOTA DAG network.

IOTA Twitter
IOTA Twitter

This project is designed to solve the key problem of secure transmission of transparent, undamaged software updates "on the air" (OTA) to the network of autonomous vehicles. At the moment the data is distributed centrally, so there is no guarantee that the information delivered to each car is genuine and unchanged. This problem can be solved using a distributed ledger or other similar technology.

In addition, because the scope of autonomous vehicles continues to grow, the system must not only decentralize to monitor each update, but also be able to scale to the right size to cope with the increasing load on the network. Another major factor is security. This factor will become more important when cars become more dependent on software for performing basic tasks and functions related to security.

Johann Jungwirth, Volkswagen's senior director of digital engineering and member of the IOTA Foundation's Supervisory Board, believes that the technology of a decentralized distributed registry will form the basis of a safe ecosystem that does not require participants to trust each other - just the one Volkswagen needs to further develop its the project of autonomous cars. He calls IOTA "an excellent example of how distributed ledger technology can be used in the future."