Deposits and Withdrawal Slows Down on Gate.io Trading Platform

As expected, it has come to the notice of Cayman Island-based crypto exchange platform Gate.io that its users are experiencing a drag in performing deposit and withdrawal transactions on the platform. As per a published statement by Gate.io, transactions are moving at this pace due to routine node maintenance which is being conducted by a third-party cloud provider.

“Due to intermittent connection interruption caused by node maintenance of our cloud service providers,Gate.io could not process users’ deposits and withdrawals timely. Users may experience slow deposits and withdrawals during the process,” the digital asset service provider explained in a blog post.

Furthermore, Gate.io assured users of the safety of their assets citing that trading and other services are not affected by the ongoing node maintenance therefore, users can continue to trade on the platform. According to Gate.io, the transactions are still being processed 

“At this moment, we are monitoring the network connection status of our cloud service providers and will expedite the deposits and withdrawals as soon as the network connection is restored.” 

Therefore, “If you have pending withdrawals and don’t want to wait, you can cancel them and try later; or you can just wait for a while and your withdrawals will be sent after the network connection is restored. If you are waiting for deposits to be credited, they will display on your Gate.io account as soon as the network connection is restored, too.”

Crypto Firms Publish Proof-of-Reserve

Following the implosion of the FTX Derivatives Exchange, Gate.io was among the first few exchanges that conducted and published its proof-of-reserve. Based on the report, the Gate.io reserve contains 108% of total user Bitcoin (BTC) assets. Users Ethereum (ETH)-dominated assets held by Gate.io were 104%.

The study was conducted by an independent accounting firm called Armanino LLP unlike Binance and KuCoin engaged the service of Mazars.

Notably, Mazars has stopped conducting such studies for crypto exchanges. Many times, the auditing firm clarified that its audits “do not constitute either an assurance or an audit opinion on the subject matter. Instead, they report limited findings based on the agreed procedures performed on the subject matter at a historical point in time.”