The largest crypto exchange in the world, Binance, announced today on this ‘Black Monday’ that it is withdrawing bitcoin (BTC) will temporarily stop. According to Binance CEO Changpeng Zhao (CZ), this was done because of a problematic on chain congestion has occurred.

Binance stops bitcoin withdrawals

Bitcoin trading volume is skyrocketing right now. This, of course, has everything to do with the severe crash today and the panic among investors that followed. Apparently the trading volume is up Binance even so high that systems have become overloaded.

In the first communication, CZ indicated that the problems should be resolved within 30 minutes. However, CZ soon had to reconsider this message. In a later post on Twitter, the Binance CEO indicated that the problems are bigger than originally thought and that it would take longer before the withdrawal of bitcoins on Binance is possible again.

“Probably this is going to take a little longer to fix than my first estimate. More updates coming soon. Thank you for your patience and understanding.”

CZ does indicate that the withdrawal of bitcoin on other networks such as BEP-20 is still possible. So it is not the case that Binance users cannot move their bitcoins in any way. Nevertheless, the anger of Binance users is obviously high.

Crypto on Binance are safe

CZ immediately announced that investors’ funds are safe with its now famous statement: “Funds are SAFU† While “SAFU” is a popular meme within the crypto world today, it also pertains to Binance’s insurance fund fund. This Secure Asset Fund for Users (SAFU) was set up during the previous bear market with the aim of safeguarding users’ funds in the event of an emergency.

At the beginning of this year, this SAFU insurance fund of Binance was already over $1 billion worth.


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