Cryptocurrencies: Binance “temporarily” suspends withdrawals

Deepak Gupta June 13, 2022
Updated 2022/06/13 at 7:20 PM

Ever heard of Binance? The world is changing and many processes will be different. It is true that the world of crypto-assets is nothing new, but there is still a long way to go in terms of transparency and, especially, in terms of legislation.

Binance reported this Monday that it has temporarily suspended withdrawals.

Binance is a global cryptocurrency exchange that provides a platform for trading over 100 cryptocurrencies. Since the beginning of 2018, Binance is considered the largest cryptocurrency exchange in the world in terms of trading volume.

According to Changpeng Zhao, CEO of Binance, on his Twitter account the company has suspended withdrawals. This came after Celsius Network, one of the largest cryptocurrency lenders, suspended withdrawals due to “extreme market conditions”.

Cryptocurrencies: Binance “temporarily” suspends withdrawals

According to Binance’s CEO, there was a “stuck transaction”, which he said would take about 30 minutes to resolve. However, the first tweet was followed by another, half an hour later, saying that: "This will probably take a little longer to take into account the initial estimate", and promised updates "coming soon".

Changpeng Zhao further assured that the “funds are SAFU” (Secure Asset Fund for Users), that is, there is emergency insurance that was established by Binance in July 2018 to protect users’ funds.

Remember that France was the first European country to give a license to operate the largest crypto platform in the world.

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