Changpeng Zhao said that the suspension of BTC withdrawals was caused by a chain transaction, it was due to a savings, and users’ funds were safe.
According to an official announcement, the Binance team is currently working to find a solution. Zhao added that he believes the problem will be resolved soon.
Performance problems on major cryptocurrency exchanges have also been seen in the past when there was significant market volatility, but similar disruptions have not been seen in crypto currency exchanges for a long time.
The bearish volatility in the cryptocurrency markets is fueled by the negative macroeconomic conditions and the difficult situation of the crypto company Celsius, which is seen as an internal dynamic. The panic in the market became more severe after Celsius announced that all transactions were suspended in the early hours of the day.
