Binance cryptocurrency exchange has resumed Bitcoin withdrawals after halting the service for three-hour due to the crypto market volatility.
Following the restoration of activity, Binance said on its website that the exchange would be processing Bitcoin (BTC) network withdrawals within “the next few of hours.”
On Monday, the company revealed that BTC withdrawals were been temporarily halted, with CEO Changpeng Zhao stating on Twitter that all customer funds were “SAFU.”
While Binance’s BTC trading appears to have resumed, Celsius’s withdrawals have been stopped since Sunday, when the company claimed that such moves would put it “in a better position to honor, over time, its withdrawal obligations.” Celsius has given no indication as to when or if normal activities would resume as of the time of publication.
Two big trading platforms decided to restrict Bitcoin withdrawals in the midst of the crypto market’s extraordinary volatility.
The price of Bitcoin (BTC) has tumbled to levels not seen since December 2020, plunging below $23,000 on Monday, while the price of Ether (ETH) has dropped to as low as $950 on Uniswap after a whale dumped 93,000 ETH in six hours, according to Cointelegraph.
Many people on social media appear to be waiting for the other shoe to drop, as it were, in the case of other large cryptocurrency exchanges.
Given Coinbase’s history of downtime, some have expressed concerns that the exchange, which has about 98 million verified customers, could fall offline during market volatility or otherwise announce the suspension of withdrawals.
While Kraken, a crypto exchange based in the United States, did not announce any similar steps on withdrawals, it did note financing delays for some tokens, including Solana (SOL).
The exchange began allowing users can use the Lightning Network to withdraw funds from their accounts in March. Despite the market volatility, Kraken Bitcoin strategist Pierre Rochard claimed the platform’s Bitcoin on-chain and Lightning withdrawals were “completely operational” as of Monday, adding that “keeping your own keys is recommended practice.”
