James Atkins
Editor
Editor
Binance, according to a tweet from the company’s CEO, Changpeng Zhao. Has stopped taking Bitcoin (BTC) withdrawals until further notice as a result of the current market turmoil.
The Binance team is currently investigating the issue and will provide an update as soon as possible. In the meantime, Binance has advised users not to attempt to withdraw their BTC.
The company has informed its clients. That their money is safe since the withdrawal suspension is linked to a clogged on-chain transaction.
The move comes as BTC prices have plummeted over the past few days, losing over 20% of their value. This has led to a sell-off in the crypto market, with many investors liquidating their holdings.
In an official announcement, it was confirmed that the Binance team is currently working on the problem. Zhao noted the team will have fixed the issue within thirty minutes.
Binance is one of the largest cryptocurrency exchanges in the world and offers a wide range of digital assets. The platform is known for its security and reliability.
Extreme market volatility can have an impact on the performance of major cryptocurrency exchanges. The price of Bitcoin has plummeted to as low as $23,591.83, a 13.67% decrease in the past 24 hours, extending its bearish run.
Binance CEO Changpeng Zhao took to Twitter to inform users that the platform is aware of the situation and is working on it.
Other exchanges such as Bittrex, Bitstamp, and Kraken also reported similar issues. Bitstamp said it is investigating the issue. Bittrex also said it is “aware of some performance issues” and is “looking into it.”
Kraken also acknowledged the issue, tweeting: “Our team is aware of performance issues and is currently investigating. We will keep you updated.”
This is the first time in history that the entire crypto market cap has fallen below $1 billion. According to CoinGlas, a cryptocurrency research firm, there is currently about $316 million worth of cryptocurrencies in liquidation.
The crypto market, on the other hand, has been hit by Celsius’s controversy as well as worsening macro conditions.
Celsius, one of the largest crypto lenders, has suspended all withdrawal transactions today. Celsius’s announcement caused its native currency (CEL) to plunge by half, causing anxiety among cryptocurrency supporters and investors.
The overall market capitalization has also dipped below the $1.5 trillion level as BTC, ETH, and BCH all are trading in the red.
Binance, on the other hand, had over $28 billion in transactions in the previous 24 hours, dwarfing its nearest competitors Coinbase and FTX. Binance has also been in the news for launching new services and products.
Recently, Binance launched two new tokenized stock trading pairs for Tesla and Coinbase.
Unfortunately, Binance has had to face some issues with its services as well. Binance US has paused all the withdrawals citing “abnormal activity.”
Binance has also been facing problems with its API keys as several users have reported unauthorized transactions from their accounts.
In light of all these events, Binance has decided to halt all the BTC withdrawals temporarily. The company is investigating all the cases of unauthorized transactions.
Binance CEO Changpeng Zhao (CZ) has also asked the users to change their API keys and 2FA codes as a precautionary measure.
This is not the first time Binance has halted withdrawals. The last occasion was in February when the platform was upgrading its systems.
At the time of writing, Binance has not released an official statement about the incident.
This is a developing story, we will update this article as soon as more information becomes available.
I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.
