The largest crypto exchange Binance has suspended the payment of
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The largest crypto exchange Binance has suspended the payment of bitcoins

Binance, the world’s largest cryptocurrency exchange by trading volume, announced on Monday that it was temporarily suspending bitcoin withdrawals. “due to a blocked transaction resulting in non-completion of work.”

Binance founder and CEO Changpeng Zhao said on Twitter that the issue would be resolved within 30 minutes. However, a little later he changed his mind and said: “It will probably take a little longer than my original estimate.” Zhao clarified that the incident was concerned “only to the bitcoin network”, and that the holders “can still withdraw bitcoin on other networks like BEP-20.”

The head of Binance reminded customers that the crypto exchange has an insurance fund (Secure Asset Fund for Users), which was set up in July 2018 to protect users’ funds. Binance takes 10% of trading fees to transfer to the fund to keep increasing it. As of January 31, the fund was valued at $1 billion.

Binance’s statement about the problems with withdrawing bitcoins appeared against the background of the ongoing fall in the price of the most popular cryptocurrency. Bitcoin fell to its lowest level in 18 months, Bloomberg reported on Monday. At the same time, the exchange only claims technical problems.

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Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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