Changpeng Zhao (CZ), founder and CEO of Binance – the world’s largest crypto exchange has tweeted that Binance has “temporarily” halted withdrawals of Bitcoin. CZ said the pause was due to a technical glitch and all funds were safe – adding that things should be fixed within 30 minutes.
https://twitter.com/cz_binance/status/1536317704990208000?s=20&t=-7sf6cEpp-ANmASmAThwCQ
The news that Binance has encountered a stumble arrives at a terrible time as all crypto markets are sinking lower – dropping to under $1 trillion in value. Last fall, crypto markets topped $3 trillion in value. Today, crypto has lost about 60% of its all-time high.
Meanwhile, it was reported earlier today that Celsius has halted all withdrawals without providing any timeline as to how long it will be until users can gain access to their money.
Crypto markets are not alone in its suffering – traditional markets have been sinking lower for weeks and futures indicate a dramatic drop to start the week.
UPDATE: CZ has now tweeted that 30 minutes was not enough time to fix the issue adding that the issue was only impacting the Bitcoin network.
https://twitter.com/cz_binance/status/1536323261193236481?s=20&t=ECyUIk_wxu1vXazHusTeOw
Update: Withdrawals on Bitcoin Network have resumed:
Binance has posted an update on the Bitcoin issue:
“Withdrawals on the Bitcoin (BTC) network have now resumed. We are still working to process the pending Bitcoin (BTC) network withdrawals, and this is estimated to be completed in the next couple of hours. Please note that pending Bitcoin (BTC) network withdrawals will be rejected. In this case, the relevant users will need to resubmit their withdrawal requests. Thank you for your patience. We apologize for any inconvenience caused.”
