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.
Binance Temporarily Halts Bitcoin Withdrawals Amid Market Mayhem
u.today
13 June 2022 12:55, UTC