Binance, one of the world’s largest crypto exchange, has resumed withdrawals of Bitcoin (BTC) after a pause on Monday. According to CEO Changpeng Zhao, the problem was “due to a stuck transaction causing a backlog.” It was originally stated that the issue would be fixed within 30 minutes, but the time was extended.
Funds are SAFU.
— CZ 🔶 Binance (@cz_binance) June 13, 2022
The issue only impacted the Bitcoin network, however, it remained available to withdraw on other networks like BEP-20. Zhao also stated that the funds are SAFU (Secure Asset Fund for Users). The Bitcoin withdrawal pause follows Celsius, who announced Sunday that it was suspending withdrawals due to extreme market conditions. These pauses have inevitably affected the drop in crypto prices, with Bitcoin trading below $24,000 as of this writing.