Monero is undergoing a liquidity crisis. Exchanges are experiencing insufficient amount of XMR in their reserves due to high level of demand.

Many exchanges are unable to keep up with the high level of XMR orders. Some exchanges like Binance have disabled withdrawals. The reason is because they do not have enough XMR is their reserves to allow users to withdraw. Many exchanges are just disabling their withdrawal service without explanation. However, one exchange came out and confessed that it is a liquidity issue.

Here is a link to a statement from a instant exchange service: https://changenow-io.medium.com/monero-a-statement-226365c492a7

I am not sure why all the sudden there is a sudden extreme amount of demand for Monero. Maybe it has something to do with the new crypto policy being put in place for tracking cryptocurrency transactions over $10K. I honestly don't know. But word of advice; If you have XMR on an exchange, withdraw it into your hardware wallet.

Edit: changenow.io has enabled XMR again, as they officially mentioned in the comments of this post. Thank you for your awesomeness and transparency.

Edit: Oh my, thank you all for the awards!