Binance mentioned Monday that it’s briefly pausing bitcoin withdrawals “due to a stuck transaction causing a backlog.”
At first, Binance founder and CEO Changpeng Zhao mentioned in a tweet that the problem could be fastened inside half-hour. However he later amended that to say, “Likely this is going to take a bit longer to fix than my initial estimate.” He added that, “[t]his is only impacting the Bitcoin network,” and that holders “can still withdraw Bitcoin on other networks like BEP-20.”
“Funds are SAFU,” he added. The acronym stands for “secure asset fund for users,” which is a fund the corporate established in 2018 to assist safeguard customers.
The information comes as bitcoin tumbled greater than 10% on Monday, breaking under $24,000 and sinking to the bottom stage since December 2020.
The most important cryptocurrency has been hit by macroeconomic considerations, together with rampant inflation.
Binance is the world’s largest crypto trade. The corporate handles spot buying and selling volumes of greater than $14 billion and practically $50 billion in derivatives quantity in a single day, in response to knowledge from CoinGecko.
– CNBC’s Ryan Browne contributed reporting.
Correction: Binance mentioned it’s briefly pausing bitcoin withdrawals “due to a stuck transaction causing a backlog.” The headline on an earlier model misstated the quote.