Binance announced on X that it is working to resolve an issue and will bear all losses resulting from it. As a preventive security measure, the exchange has suspended all deposit and withdrawal functions while its team conducts security checks, freezes related funds and cooperates with law enforcement. Binance said its team is working around the clock to address the matter. The company plans to publish a full incident review after the investigation is complete. It said the response has involved cooperation from other participants across the industry, with ecosystem partners responding and helping to quickly freeze affected assets. Binance said it will continue to share verified updates through its official channels. It also stated that user funds are safe. The announcement described the suspension as a preventive measure while the security checks and related work are underway. Binance said it is pursuing a resolution while handling the freezing of related funds and coordinating with law enforcement. It said the full review will be published after the investigation has concluded.