Binance is also not unscathed from this dark red Monday. The world’s largest crypto exchange has had to temporarily stop Bitcoin withdrawals. Changpeng Zhao just announced this on Twitter.
Binance users can still withdraw Bitcoin via other networks
For a while, Binance users were afraid that they could no longer withdraw their BTC tokens, but soon Zhao wrote on Twitter that the withdrawal stop only applies to the Bitcoin network. So you can still withdraw Bitcoin on other networks like BEP-20.
SAFU is a meme referring to the word “Safe,” which first appeared in a YouTube video three years ago. It was a misspelling that turned the exchange into a protection fund called the ‘Secure Asset Fund for Users’ (SAFU). The fund was built during the previous bear market.
Resolving problem takes longer than expected
Although there does not seem to be a big problem at Binance, the problem is probably not solved in half an hour, as Zhao previously announced. In a follow-up tweet, the founder wrote:
“It will probably take a little longer to repair than I initially estimated. More updates coming soon. Thank you for your patience and understanding.”
Binance’s official Twitter account confirmed the delay and suggested that the problem was due to a transaction stall.