Crypto exchange Binance has suspended withdrawals of bitcoin amidst a major market recession. Users were unable to redeem their money since the price of bitcoin collapsed. A stock transaction led to a backlog in the company’s systems. As a result, people’s requests could not be fulfilled, the company stated.
The chief executive of Binance, Changpeng Zhao, who is also addressed as CZ tweeted that everyone’s funds were safe and secure.
He assured the users that the problem would be fixed within 30 minutes. However, later he mentioned that the issue was going to take a little longer to resolve than the initial estimation.
Replies to the tweet were restricted by CZ. Only the people he follows were able to respond to the post publicly. But, the post did create a great sense of panic and terror among investors, who were apprehensive that they would lose money because of the sudden and large reduction in the price of bitcoin.