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Binance CEO Says "Temporary" Pause in Withdrawals Due to "Stuck" Transaction

Cryptocurrency Jun 13, 2022 08:17AM ET
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By Geoffrey Smith

Investing.com -- Binance, the world's largest cryptocurrency exchange, has temporarily suspended client withdrawals of Bitcoin, Chief Executive Changpeng Zhao said via Twitter on Monday.

Zhao blamed a "stuck transaction," which he said would take around 30 minutes to resolve. However, Zhao's first tweet was followed by another, half an hour later, saying that: "Likely this is going to take a bit longer to fix than my initial estimate." He promised more updates "soon."

The suspension comes only hours after Celsius Network, one of the world's biggest crypto lenders, suspended withdrawals due to what it called "extreme market conditions."

Celsius' news sent crypto enthusiasts rushing to get their money out, pushing Bitcoin down as much as 13% to its lowest in 18 months. Altcoins, such as Ethereum, Cardano, Solana and Dogecoin suffered even bigger losses. By 8:35 AM ET (1235 GMT), Bitcoin was trading at $24,211, down 12.2% on the day.

Zhao added his habitual reassurance that "Funds are SAFU."

The acronym SAFU stands for Secure Asset Fund for Users (SAFU), which is an emergency insurance fund established by Binance in July 2018 to protect users' funds. Binance seeded the fund with a percentage from its trading fees, hoping to build a reserve that would ensure the protection of user deposits.

The Secure Asset Fund was valued at $1 billion based on the opening price on January 29, 2022. The value of the fund, however, fluctuates based on market conditions, as it is held in Bitcoin and in Binance’s own BNB tokens. At current market prices, they are worth just over $410 million.

Binance CEO Says "Temporary" Pause in Withdrawals Due to "Stuck" Transaction
 

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Comments (21)
Some John Doe
Some John Doe Jun 13, 2022 11:29AM ET
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A "new paradigm"...
Mike Mac
Mike Mac Jun 13, 2022 11:15AM ET
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Only withdrawals are the issue. Interesting.
Brad Albright
Brad Albright Jun 13, 2022 11:15AM ET
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It sure is taking them a long time to do something so simple... Or maybe its not that simple.
Hungry Fish
Hungry Fish Jun 13, 2022 11:08AM ET
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Popping Balloon? Chained Effect?
Brad Albright
Brad Albright Jun 13, 2022 11:08AM ET
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Bitcoin is down 19% in 24 hours.
Johnny Crash
Johnny Crash Jun 13, 2022 10:43AM ET
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Binance REKT?
Jan Buyle
Jan Buyle Jun 13, 2022 10:27AM ET
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And you tougth the FED is manipulative...
Brad Albright
Brad Albright Jun 13, 2022 10:24AM ET
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Bitcoin down 16% in 24 hours.
Benjamin USA
Benjamin USA Jun 13, 2022 10:20AM ET
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Yikes. Financial innovation is messy.
Leandro Rochedo
Leandro Rochedo Jun 13, 2022 10:18AM ET
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Let´s pray... ;/
Lawrenti Berija
Lawrenti Berija Jun 13, 2022 10:03AM ET
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things are working really smooth here. 🤣🤣🤣
William Bailey
William Bailey Jun 13, 2022 9:57AM ET
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Liars ! Just letting a select few cashout
 
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