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Cryptoknowmics 2022-08-17 12:20:42

Binance Temporarily Closes Withdrawals Across Multiple Networks

The cryptocurrency exchange Binance has disclosed that it has temporarily stopped all withdrawals from various networks due to a technical issue. The cryptocurrency exchange noted in a tweet on August 17 that the event happened at 7:00 AM UTC and said that a third-party service provider was to blame for the technical problem. The company did not list the technical issues or the impacted networks. Additionally, Binance emphasized that the problem was resolved within an hour and reassured customers that their money was secure by turning on the Secure Asset Fund for Users (SAFU). Earlier today, around 07:00am UTC, #Binance temporarily closed withdrawals for multiple networks due to an issue with a third-party technical provider. Our team responded quickly, resolving the issue within 1-hour. Funds are SAFU. Thank you for your patience and understanding. — Binance (@binance) August 17, 2022 As a special emergency insurance fund to safeguard users’ funds, the exchange introduced the SAFU feature in 2018. BNB, BUSD, and Bitcoin (BTC) are all kept in the SAFU fund wallets. Previous Withdrawal Pauses Back in June, Binance, the largest cryptocurrency exchange in the world by market capitalization, also resorted to stopping Bitcoin withdrawals. The exchange’s CEO, Changpeng Zhao, claims that a blocked transaction that created a backlog forced the decision. Zhao initially predicted the problem would be resolved in 30 minutes, but he later...

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