Binance CEO Changpeng ‘CZ’ Zao had recently tweeted that the crypto exchange had put a temporary pause on Bitcoin withdrawals on Binance.
Binance explained that this was due to a stuck transaction which had caused a backlog. They also further stated that only the Bitcoin network had been impacted and that users could still withdraw their Bitcoin using other networks like BEP-20 or ERC20.
According to Zhao, “Funds are SAFU”. SAFU being slang in the crypto space and a play on the word safe. It could also denote Binance’s trading protection fund, the Secure Asset Fund for Users (SAFU).
Temporary pause of $BTC withdrawals on #Binance due to a stuck transaction causing a backlog. Should be fixed in ~30 minutes. Will update.
Funds are SAFU.
— CZ 🔶 Binance (@cz_binance) June 13, 2022
As of writing, Binance has announced that withdrawals on the Bitcoin network have resumed but are still working on pending BTC network withdrawals. Zhao has also stated that its team of developers is working on a way to avoid the same incident moving forward.
Post mortem of our temporary BTC network withdrawal suspension.
🔸 Temporary pause duration: ~3 hours
🔸 Impact: $BTC network withdrawals only. Users could still withdraw #Bitcoin on other networks without delay (ERC20 & BEP20). Deposits unaffected.🧵More details 👇
— Binance (@binance) June 13, 2022
Source: Yugatech
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