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According to a tweet posted by Binance CEO, Changpeng Zhao, the crypto exchange has temporarily suspended Bitcoin (BTC) withdrawal as a result of the current market turmoil.

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

However, the CEO has assured their customers that their funds are safe noting that the withdrawal suspension is connected to a backlog triggered by a stuck on-chain transaction. 

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. 

When there is severe market volatility, major crypto exchanges also experience performance issues. At the time of writing, the largest crypto by market cap, Bitcoin, the price has dropped to as low as $23,591.83 down 13.67% in the last 24 hours extending its bearish streak.

Since January 2021, this is the first time the total crypto market cap has dropped below the $1 billion level. According to the data from CoinGlas, a crypto analyst firm, there is about $316 million worth of cryptos in liquidation.

Additionally, the crypto market has also been hit by the Celsius mess and the deteriorating macro conditions. Earlier today, one of the largest crypto lenders, Celsius, had paused all the withdrawal transactions. Following the Celsius announcement, its native token (CEL) lost half of its value causing fears among the crypto enthusiasts and investors.

However, Binance recorded over $28.7 billion worth of traders in the last 24 hours overshadowing its closest competitors, Coinbase and FTX.

The post Bitcoin news: Binance temporarily halts BTC withdrawals appeared first on CoinJournal.

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