London, Monday, 13 June 2022
As the cryptocurrency market continues to be volatile, Binance, the world's largest cryptocurrency exchange platform, stated on Monday that it has banned Bitcoin withdrawals.
"Withdrawals of $BTC on #Binance have been temporarily halted due to a stopped transaction producing a backlog. In 30 minutes, the problem should be resolved. I'll keep you updated "Changpeng Zhao, the CEO and creator of Binance, tweeted on his personal Twitter account.
"Funds are SAFU," he continued, referring to the company's Secure Asset Fund for Members, which was formed in 2018 to protect its users.
Zhao, on the other hand, later stated on Twitter that the problem will take longer to resolve "It's likely that this will take a little longer to correct than I anticipated. Soon, there will be more updates."
He clarified that the transaction backlog only affects the Bitcoin network, and that customers can still withdraw Bitcoin from other networks like BEP-20 or Binance Smart Chain.
The news came amid a significant sell-off in the cryptocurrency market, which saw its entire value fall below $1 trillion on Monday, a level not seen in 17 months.
Bitcoin, the world's largest cryptocurrency by market capitalization, plummeted to $23,015 on the site at 10.43 a.m. EDT (1443GMT). Ethereum, the world's most valuable altcoin, is currently trading at $1,192. On the day, both stocks were down more than 16%.
Binance had a daily spot trade volume of about $30 billion in the last 24 hours, according to data from the digital asset price-tracking websites CoinMarketCap and CoinGecko, with more than $110 billion in derivatives.
(Written and Edited by: The Decision Maker – Finance editors)