Binance temporarily halts Bitcoin withdrawals
Cryptocurrency exchange platform Binance has halted the withdrawals of Bitcoin following recent volatility at the crypto market.
On Monday, CEO Changpeng Zhao announced the temporary halt on withdrawals.
“Temporary pause of $BTC withdrawals on #Binance due to a stuck transaction causing a backlog. Should be fixed in ~30 minutes. Will update. Funds are SAFU,” Mr Zhao said.
Mr Zhao has reassured Binance users that their funds are safe, linking the halt to a backlog caused by a stuck on-chain transaction.
He added that the halt is “only impacting the Bitcoin network. You can still withdraw Bitcoin on other networks like BEP-20.”
Earlier today, crypto lending platform Celsius announced that it was halting all withdrawals due to “extreme market conditions”.
The halt from the exchange platform comes as the price of the largest cryptocurrency collapsed to as low as $23,964.
At the time of filing this report, Ethereum has dropped to $1.242 and Binance coin has dropped to $224.
The total cryptocurrency market capitalisation has dropped below the $1 trillion level for the first time since January 2021, according to CoinMarketCap, which had valued the market at almost $3 trillion in November.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Economy
Benin secures €500 million in international financing with ADF support
Benin secured €500 million in international bank financing, supported by the African Development Fund, to facilitate priority investments in several sectors including education.
Economy
Navy recovers 80,000 litres of suspected stolen crude oil in Delta
The Nigerian Navy recovered approximately 80,000 litres of crude oil in anti-crude oil theft operations in Delta State.
States
Kano govt restores 39.8 million-litre Goron Dutse reservoir after 30 years
Governor Abba Yusuf said restoring the facility was part of his government’s broader effort to revive the state’s critical infrastructure.
Sport
AFCON Qualifiers: Guinea-Bissau trash Nigeria 3-0
The victory lifted Guinea-Bissau to the top of Group L with six points while Nigeria’s qualification hopes suffered another setback.
Economy
Pension fund assets rise to N31.8 trillion
The National Pension Commission (PenCom) says pension assets grew by N289.40 billion from the N31.51 trillion recorded at the end of July.
World
Three teenagers die after car veers into river
Police said the fourth person, a 17-year-old survivor, will be questioned.
