Binance Temporarily Halts Bitcoin Withdrawals Amid Market Mayhem
Binance users are still able to withdraw synthetic version of Bitcoin on other networks
Cryptocurrency exchange Binance has temporarily halted Bitcoin withdrawals due to extreme market turbulence, according to a tweet posted by CEO Changpeng Zhao.
Zhao has reassured users that their funds are safe, claiming that the suspension of withdrawals is linked to a backlog caused by a stuck on-chain transaction.
The Binance team is currently working on a solution, according to an official announcement.
Major cryptocurrency exchanges typically experience performance issues when there’s severe market volatility.
Earlier today, the price of the largest cryptocurrency collapsed to as low as $23,964 on the Bitstamp exchange, extending its bearish streak.
The total cryptocurrency market capitalization has dropped below the $1 trillion level for the first time since January 2021.