Binance, the world’s largest cryptocurrency exchange, on Monday paused Bitcoin withdrawals on its platform. 

Binance founder and CEO Changpeng Zhao explained that “ a stuck transaction causing a backlog” necessitated the action. 

Zhao in an earlier post on Twitter had said that the issue will be cleared in 30 minutes but later announced that the impasse would take a bit longer to fix. 

The CEO, however, noted that a halt on withdrawals only affects the Bitcoin network. 

Zhao, who also pointed out that users can still withdraw BTC from other networks like BEP-20, noted that all users’ funds are in the Secure Asset Fund for Users (SAFU).

While the BEP-20 is a token standard deployed in creating tokens on the Binance Smart Chain, SAFU is an emergency insurance fund. 

Binance established SAFU in July 2018 to protect users’ funds.

Crypto Crash

Bitcoin slumped by 14% at the beginning of the new week. The cryptocurrency fell below $25,000. This plunge is the lowest since December 2020.

According to estimates, more than $200 billion was lost in the cryptocurrency market during the crash.

TIME reports that the fall follows the release of the May 2022 Consumer Price Index by the US Bureau of Labor Statistics

Over the past one day, other top cryptocurrencies have also slumped by significant numbers. These include Ethereum (ETH), Cardano (ADA), Solana (SOL) and Dogecon (DOGGE). They fell between 15-25T. 

This article was written by Solomon Oladipupo at www.financemagnates.com.CryptoCurrency, NewsRead More

You might also be interested in reading Bitcoin’s Early Bargains: How Early Bitcoiners Traded Fortunes for Everyday Luxuries.