Binance assures users after third-party issue briefly halts withdrawals
The exchange cited technical issues as reasons for stopping withdrawals on several networks earlier this morning.
New
Cryptocurrency exchange Binance announced a temporary withdrawal freeze on Wednesday morning. The suspension took place on several networks following a technical issue by a third-party provider, according to Binance.
In a tweet, the exchange said the incident happened around 7:00 UTC and was resolved by the team within an hour.
Earlier today, around 07:00 UTC, #Binance temporarily closed withdrawals for several networks due to an issue with a technical provider third party.< /p>
Our team responded quickly, resolving the issue within 1 hour.
The funds are SAFU. Thank you for your patience and understanding.
— Binance (@binance) August 17, 2022Binance also assured users that despite the freeze, the funds are "SAFU". This acronym stands for the monetary fund of the exchange, Secure Asset Fund for Users (SAFU). The fund was created in 2018 by Binance to compensate customers following an exchange hack. It holds 10% of all trading fees.
After questions about the fund from Twitter users, the exchange quickly clarified the goal and its value of $1 billion.
Here is everything you need to know about SAFU. https://t.co/umGZ0xv1rl pic.twitter.com/cq3TCPVBfm
— Binance (@binance) August 17, 2022It only happens a few days later
The exchange cited technical issues as reasons for stopping withdrawals on several networks earlier this morning.
New
Cryptocurrency exchange Binance announced a temporary withdrawal freeze on Wednesday morning. The suspension took place on several networks following a technical issue by a third-party provider, according to Binance.
In a tweet, the exchange said the incident happened around 7:00 UTC and was resolved by the team within an hour.
Earlier today, around 07:00 UTC, #Binance temporarily closed withdrawals for several networks due to an issue with a technical provider third party.< /p>
Our team responded quickly, resolving the issue within 1 hour.
The funds are SAFU. Thank you for your patience and understanding.
— Binance (@binance) August 17, 2022Binance also assured users that despite the freeze, the funds are "SAFU". This acronym stands for the monetary fund of the exchange, Secure Asset Fund for Users (SAFU). The fund was created in 2018 by Binance to compensate customers following an exchange hack. It holds 10% of all trading fees.
After questions about the fund from Twitter users, the exchange quickly clarified the goal and its value of $1 billion.
Here is everything you need to know about SAFU. https://t.co/umGZ0xv1rl pic.twitter.com/cq3TCPVBfm
— Binance (@binance) August 17, 2022It only happens a few days later
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