Major cryptocurrency exchange Binance has announced that it has resumed Bitcoin withdrawals after being suspended for more than three hours amid extreme market volatility.
In an update during what many are calling cryptocurrency’s “Black Monday,” Binance said on its website that the exchange would be processing withdrawals from the Bitcoin (BTC) network in “the next couple of hours” after the resumption of activity. The platform announced on Monday that it had temporarily paused BTC withdrawals, with CEO Changpeng Zhao saying on Twitter that all user funds were safe.
#bitcoin network withdrawals have now resumed on #Binance.https://t.co/FhxXi3LeBg
—Binance (@binance) June 13, 2022
While BTC trading activity on Binance appears to have been restored, Withdrawals for users on Celsius have remained frozen since Sunday, when the platform announced that such actions put it “in a better position to honor its withdrawal obligations over time.” As of press time, Celsius has not offered any indication as to if or when normal operations will resume.
The decision by the two major trading platforms to halt Bitcoin withdrawals came amid extreme volatility across the cryptocurrency market. BTC price has fallen to levels not seen since December 2020 – dipping below $23,000 on Monday – while Cointelegraph reported that Ether (ETH) price fell as low as $950 on Uniswap after it a whale dumped 93,000 ETH in six hours.
Many on social media seem to be waiting for the other shoe to drop, so to speak, among other major cryptocurrency exchanges. Some have raised concerns that Coinbase – with its roughly 98 million verified users – could go bust amid market volatility or announce a suspension of withdrawals, given the exchange’s history of such incidents.
With all the halts and posted stopped withdrawals. I’ll just assume @coinbase will just go down for a few hours per usual in meltdowns.
— aresixtrades (@aresixtrades) June 13, 2022
Kraken, a US-based cryptocurrency exchange, while not announcing any similar action on withdrawals, reported funding delays for some tokens, including Solana (SOL). In March, exchanges began allowing users to withdraw funds from accounts using the Lightning Network. Kraken Bitcoin Strategist Pierre Rochard said that the platform’s Bitcoin and Lightning on-chain withdrawals were “fully operational” as of Monday amid market volatility, while adding: “Keeping your own keys is best practice.”
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