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Investing.com – Binance said it is temporarily pausing bitcoin withdrawals due to a stalled transaction. At first, Binance Founder and CEO Changpeng Zhao said in a tweet that the issue will be resolved within 30 minutes.
But he later changed his statement to explain that it would take longer: “Fixing this issue is likely to take a little longer than my initial estimate.” He added that “this issue only affects the network” and that holders “can still withdraw bitcoins on other networks like BEP-20.”
BEP-20 is a standard deployed in the creation of tokens on the Binance Smart Chain.
“The funds are SAFU,” he added, which means “safe asset funds for users.” SAFU is a fund that the company created in 2018 to help protect the capital of its users.
The news adds a new layer of concern as the market tumbled today on struggling Celsius and high inflation numbers.
Binance is the largest cryptocurrency exchange in the world. The company manages over $14 billion in spot trading volumes and nearly $50 billion in derivatives volume per day, according to data from CoinGecko.