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Binance, the world’s largest cryptocurrency exchange by trading volume, temporarily halted Bitcoin withdrawals for the second time in eight hours due to a large volume of pending trades.
We have temporarily closed #BTC withdrawals due to the large volume of pending transactions, Binance said in a tweet on Monday.
Our team is currently working on a fix and will reopen $BTC withdrawals as soon as possible. Rest assured, the funds are SAFU.
In a follow-up tweet Monday at 7:49 a.m. UAE time, Binance said Bitcoin withdrawals had resumed.
Pending transactions are processed by replacing them with higher transaction fees. We will post another update once these pending transactions are all processed, he said.
Binance closed Bitcoin withdrawals for about two hours on Sunday as its network was experiencing a congestion issue.
Our team is currently working on a fix until the network is stabilized and will reopen $BTC withdrawals as soon as possible, the company said at the time.
Rest assured, the funds are SAFU.
SAFU refers to Binance’s Secure Asset Fund for Users, an emergency fund the platform set up in July 2018 to protect users’ investments.
While the fund fluctuates based on the market, it is valued at around $1 billion, according to Binance’s website.
The term also means safe in the cryptocurrency world.
Bitcoin was down 2.6% at $28,143.74 as of 9:15 a.m. UAE time.
Last month, Bitcoin broke above $30,000 for the first time since June 2022, but is still down more than 50% from its all-time high of over $68,000 in November 2021.
This is not the first time that Binance has temporarily halted bitcoin withdrawals. Back in June, Binance Founder and CEO Changpeng Zhou tweeted that the platform had temporarily suspended Bitcoin withdrawals due to a stalled transaction causing a backlog.
It has been a tumultuous 12 months for the global cryptocurrency industry, which is only now emerging from a crypto winter after the collapse of major platforms such as Celsius, Three Arrows Capital and Sam Bankman-Fried’s FTX, which filed for bankruptcy in the United States on November 11.
Watch: What happened to the price of Bitcoin?
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The collapse of FTX, once valued at $32 billion, is the most publicized cryptocurrency exchange failure to date, after traders withdrew $6 billion from the platform and the Rival exchange Binance dropped a bailout deal, Reuters reported at the time.
Mr Bankman-Fried, the founder of FTX, was arrested in the Bahamas on December 12 after US federal prosecutors charged him with eight counts, including conspiracy, wire fraud and money laundering for allegedly embezzling billions of dollars in customer funds before $9. billions of collapse from FTX and Alameda Research.
FTX co-founders Gary Wang and Nishad Singh and former Alameda Research chief executive Caroline Ellison have pleaded guilty to fraud and are cooperating with the government.
Updated: May 08, 2023, 05:50
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