Cryptocurrency exchange Binance today informed that it temporarily halted withdrawals affecting various networks, mentioning a technical issue.
In a tweet posted on August 17, the crypto exchange remarked the incident occurred at 07:00 AM UTC, noting that the technical issue originated from a third-party service provider. Regardless, the exchange did not pinpoint the technical issues and the affected networks.
Binance also explained that the team contained the issue within an hour while guaranteeing users that the funds were safe since it triggered the Secure Asset Fund for Users (SAFU).
Binance, which ranks as the world’s largest crypto exchange by market capitalization, also resorted to halting Bitcoin withdrawals around in June. According to the exchange’s CEO, Changpeng Zhao, the decision was made by a stuck transaction causing a backlog.
Although Zhao had mentioned that the issue would be fixed within 30 mins, he later proclaimed that it might take longer than expected. The service was later restored after several hours.
With the recent crypto market crash, many firms have gone for halting withdrawals mainly because of high volatility. For example, crypto lending platform Celsius declared a pause on all withdrawals before filing for bankruptcy.
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