HomeBitcoinBinance Stopped Bitcoin Withdrawals Due to Market Drop

Binance Stopped Bitcoin Withdrawals Due to Market Drop


Due to a blocked transaction, Binance has temporarily suspended bitcoin withdrawals. Binance Founder and CEO Changpeng Zhao first stated in a tweet that the issue will be rectified within 30 minutes.

However, he then amended his comments to clarify that it would take longer: “Fixing this issue is likely to take a bit longer than my first estimate.” He went on to say that “this issue solely affects the Bitcoin network,” and that holders “may still withdraw bitcoins on other networks such as BEP-20.”

The BEP-20 is a token creation standard used on the Binance Smart Chain.

“The funds are SAFU,” he explained, referring to “secure asset funds for users.” SAFU is a fund established by the firm in 2018 to help protect its consumers’ cash.

The news compounds the market’s anxiety as it fell today on the back of weak Celsius and high inflation figures.

Binance is the world’s largest cryptocurrency exchange. According to CoinGecko data, the business manages approximately $14 billion in spot trading volume and almost $50 billion in derivatives activity every day.

Leave a Reply


Argo Blockchain Sells Bitcoin Mining Facility to Galaxy Digital Holdings in Struggle to Stay Afloat.

The Bitcoin mining crisis continues as miners continue to sell their facilities. Argo Blockchain saw its shares rise in London trading yesterday after agreeing to...

Cryptocurrency Winter to Last “At Least One More Year”, Says Octopus Network Founder.

Octopus Network, a multi-chain cryptocurrency network based on the NEAR protocol, has laid off around 40% of its core team and reduced salaries for the...

MicroStrategy Boosts Bitcoin Holdings with $42.8 Million Purchase.

MicroStrategy, the company co-founded by Michael Saylor, has announced that it has made further purchases of Bitcoin since November 1st. According to today's report, the...

China’s CBDC wallet relies on an age-old custom to increase adoption.

The digital yuan wallet app now includes a traditional Chinese method of donating money that has gone virtual with the rise of digital payments. China's wallet...

Follow us


Most Popular

%d bloggers like this: