The logo of cryptocurrency exchange Binance displayed on a smartphone with the word “cancelled” on a computer screen in the background.
Budrul Chukrut | SOPA Images | LightRocket via Getty Images
Binance said Monday that it is temporarily pausing bitcoin withdrawals “due to a stuck transaction causing a backlog.”
At first, Binance founder and CEO Changpeng Zhao said in a tweet that the issue would be fixed within 30 minutes. But 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 company established in 2018 to help safeguard users.
The news comes as bitcoin tumbled more than 10% on Monday, breaking below $24,000 and sinking to the lowest level since December 2020.
The largest cryptocurrency...
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