{"id":143387,"date":"2021-11-01T15:27:39","date_gmt":"2021-11-01T15:27:39","guid":{"rendered":"https:\/\/precoinnews.com\/?p=143387"},"modified":"2021-11-01T15:27:39","modified_gmt":"2021-11-01T15:27:39","slug":"binance-crypto-withdrawals-return-to-normal-following-system-backlog","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/binance-crypto-withdrawals-return-to-normal-following-system-backlog\/","title":{"rendered":"Binance crypto withdrawals return to normal following system backlog"},"content":{"rendered":"
Major cryptocurrency exchange Binance announced the suspension of all transaction withdrawals on its platform on Monday morning due to a \u201clarge backlog\u201d of data. CEO, Changpeng Zhao, assured all users that funds were safe, before the functionality was restored.\u00a0<\/p>\n
The platform shared this announcement on their official Twitter page via a thread, stating:<\/p>\n
Following the initial stoppage, Binance informed users that withdrawal activity had been resumed, but reversed that action a mere 20 minutes later.\u00a0The firm apologized to their global customer base for the inconvenience and shared that all further updates will be announced in the thread.<\/p>\n
In the tweet, which has received almost 4,500 likes and 975 comments, some users of the social networking platform took a light approach to the saga by proclaiming that all funds are SAFU \u2014 a common phrase used by the crypto community to denote safe financial assets, originally attributed to Binance founder and CEO Changpeng Zhao, or CZ.<\/p>\n
At 9:48am Eastern time, the company revealed that “Crypto withdrawals have been resumed.”<\/p>\n
Related:\u00a0Binance cuts withdrawal limits, rolls out tax reporting tool<\/em><\/strong><\/p>\n Over the past year, Binance has expressed keen interest in expanding its network, most prominently its digital asset and decentralized application infrastructure platform Binance Smart Chain.<\/p>\n In mid-October, the platform announced the launch of a $1 billion fund to advance this ecosystem development, allocating half of the eight-figure sum to fostering the emergence of projects constructing metaverse, virtual reality and artificial intelligence technologies, among other Web 3.0 sectors.<\/p>\n In late October, Binance Smart Chain surpassed 1.5 billion transactions, an honourable\u00a0achievement considering its launch just over one year prior.<\/p>\n