The world’s largest crypto exchange, Binance, announced today on “Black Monday” that it is withdrawing Bitcoin (BTC) will pause. According to Binance CEO Changpeng Zhao (CZ), this was done due to a problem on the chain congestion occurred.
Binance is paused # bitcoin Withdrawals on BTC dollars network. Meanwhile, you can still withdraw BTC on other networks.
This is due to a deal stuck in the chain. Our team is currently working on a solution and will provide more updates soon.
– Binance (binance) June 13, 2022
Binance stops Bitcoin withdrawals
Bitcoin trading volume is on the rise right now. This, of course, has something to do with today’s severe meltdown and the investor panic that followed. Trading volume seems to be rising Binance Even if it is so high that the systems are becoming overburdened.
pause from BTC dollars Withdrawals on # finance Due to a stuck transaction caused a backlog. It should be fixed in about 30 minutes. will be renewed.
SAFU funds.
– CZ 🔶 Binance (cz_binance) June 13, 2022
On the first call, CZ indicated that issues should be resolved within 30 minutes. However, CZ soon had to reconsider this letter. In a subsequent post on Twitter, the CEO of Binance noted that the problems are bigger than originally thought and that it will take longer before it becomes possible to withdraw bitcoins on Binance again.
“Maybe this will take a little longer to fix than my first estimate. More updates soon. Thank you for your patience and understanding.”
This only affects the Bitcoin network. You can still withdraw Bitcoin on other networks such as the BEP-20.
This will likely take a little longer to fix than my initial estimate. More updates soon. Thank you for your patience and understanding🙏
– CZ 🔶 Binance (cz_binance) June 13, 2022
Czechoslovakia notes that Bitcoin withdrawals on other networks such as the BEP-20 are still possible. So it’s not that Binance users can’t transfer their bitcoins in any way. However, the anger of Binance users is clearly high.
Cryptography on Binance is secure
CZ immediately declared that investor funds are safe with its now famous statement: “SAFU . money† While “SAFU” is a popular meme in the crypto world today, it is also related to Binance’s insurance fund. this is Safe Asset Users Fund (SAFU) During the previous bear market with the aim of protecting users’ funds in an emergency.
At the beginning of this year, Binance’s SAFU Insurance Fund was already More than 1 billion dollars Deserves.
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