Home / Markets / Cryptocurrency /  Binance, the biggest crypto trading platform, temporarily suspends Bitcoin withdrawals

Binance, the world's largest crypto exchange by volume, announced on Monday that it was temporarily pausing Bitcoin withdrawals but advised customers to use other networks.

A tweet from Binance founder and CEO Changpeng Zhao noting the issue came at 8 am ET, at which point he said the problem would be fixed in around 30 minutes. However, Zhao later said that it would take "a bit longer to fix than [his] initial estimate."

While the issue hit Binance, Zhao said in a tweet 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.

“Binance has temporarily paused #Bitcoin withdrawals on the $BTC network. Meanwhile, you can still withdraw BTC on other networks," Binance wrote on Twitter.

“This is due to a stuck on-chain transaction. Our team is currently working on a solution and will provide further updates soon," the cryptocurrency exchange noted.

It further said that only a single network, the Bitcoin network, is impacted due to the stuck batch of transactions.

“Users can withdraw $BTC on Ethereum or BNB Chain while our team works to resolve this temporary pause," it said.

The company in a statement updated that the Bitcoin network withdrawals have now resumed on Binance.

Meanwhile, Bitcoin tumbled Monday to an 18-month low under $23,000 in a broad cryptocurrency crash, as investors shunned risky assets in the face of a vicious global markets selloff, just seven months after the virtual unit surged to a record high.

The world's most popular crypto asset also took a heavy knock from news that crypto lending platform Celsius Network paused withdrawals, citing volatile conditions.

World stock markets have plunged since Friday when data showed US inflation at a fresh four-decade high.

That heightened global recession fears and sent investors fleeing risky cryptocurrencies like bitcoin and ether -- and embracing traditional safe assets such as the dollar.

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