Binance Temporarily Stops Bitcoin Withdrawals Amid Market Chaos

Alex Dovbnya

Binance Users Can Still Withdraw a Synthetic Version of Bitcoin on Other Networks

Cryptocurrency Exchange Binance Has Temporarily Stopped Withdrawing Bitcoin Due To Extreme Market Turbulence, According To a tweet posted by CEO Changpeng Zhao.

Zhao has assured users that their funds are safe, claiming that the withdrawal suspension is linked to a backlog caused by a transaction stalled in the chain.

The Binance team is currently working on a fix, according to an official announcement. Zhao claims the issue is expected to be resolved within half an hour.

Major cryptocurrency exchanges typically experience performance issues when there is severe market volatility.

Earlier today, the price of the largest cryptocurrency on the Bitstamp exchange collapsed to just $23,964, extending its bearish streak.

The total cryptocurrency market cap has fallen below the $1 trillion level for the first time since January 2021.

About $316 million worth of cryptocurrencies have been liquidated in the past four hours alone, according to data provided by crypto analytics firm CoinGlass.

The cryptocurrency market has been ravaged by a double whammy of deteriorating macro conditions and the Celsius imbroglio. As reported by U.Today, one of the largest cryptocurrency lenders has paused all withdrawals earlier today, sparking fears among cryptocurrency enthusiasts with its original token losing more than half of its value.

Binance is the world’s largest exchange in terms of trading volumes. In the past 24 hours, it has registered $28.7 billion in merchants, dwarfing its closest competitors (FTX and Coinbase).

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