The major cryptocurrency exchange Binance announced on Monday morning that it was suspending all transaction withdrawals on its platform due to a “large backlog” of data. CEO Changpeng Zhao assured all users that funds were safe before functionality was restored.
The platform shared this announcement on its official Twitter page via a thread:
We are on. The means are SAFU. https://t.co/LbJbZsVhl0
– CZ Binance (@cz_binance) November 1, 2021
After the initial interruption, Binance informed users that withdrawal activity had resumed, but only reversed that action 20 minutes later. The company apologized for the inconvenience to their worldwide customer base and announced that all further updates will be announced in the thread.
In the tweet, which garnered nearly 4,500 likes and 975 comments, some users of the social networking platform took easy access to the saga by announcing that all funds are SAFU – a common phrase used by the crypto community used to denote secure financial assets. originally attributed to the founder and CEO of Binance Changpeng Zhao or CZ.
At 9:48 a.m. Eastern Time, the company announced that “crypto withdrawals have resumed.”
Similar: Binance is lowering withdrawal limits and introducing tax reporting tool
Over the past year, Binance has shown great interest in expanding its network, particularly its digital asset and decentralized application infrastructure platform, Binance Smart Chain.
In mid-October, the platform announced the launch of a $ 1 billion fund to promote this ecosystem development, which will provide half the eight-digit amount to support projects to develop Metaverse, Virtual Reality, and Artificial Intelligence technologies among other Web 3.0 sectors provides. .
At the end of October, Binance Smart Chain surpassed 1.5 billion transactions, an honorable feat considering it was launched just over a year earlier.