Binance has reported that Bitcoin withdrawals have resumed after more than three hours of market volatility.
On Monday, the platform announced that BTC withdrawals were temporarily on hold. CEO Changpeng Zhao stated on Twitter that all customer funds were “SAFU.”
The exchange would be processing BTC network withdrawals within “the next couple of hours” as activity resumed. This is what Binance said on its website during what many are calling cryptocurrency’s “Black Monday”.
Binance CEO assures users withdrawals back within ‘next couple hours’
While BTC trading appears to have resumed on the platform, withdrawals for Celsius users have been stopped since Sunday, when the company said that such moves would put it “in a better position to honor, over time, its withdrawal obligations.”
#Bitcoin network withdrawals have now resumed on #Binance.https://t.co/FhxXi3LeBg
— Binance (@binance) June 13, 2022
Celsius has not indicated whether or when normal operations would resume as of the time of publication.
Extreme market volatility rocks crypto market
The decision from two major trading platforms to halt Bitcoin withdrawals came amid extreme volatility across the crypto market. The BTC price has fallen to levels not seen since December 2020 — dipping under $23,000 on Monday. The price of ETH, meanwhile, dropped to as low as $950 on Uniswap following a whale dumping 93,000 ETH within six hours.
Among other large crypto exchanges, many people on social media appear to be waiting for the other bubble to burst. Given Coinbase’s history of disruptions, some have raised fears that the exchange, which has approximately 98 millions verified customers, could go offline during market volatility or otherwise announce the suspension of withdrawals.
While the U.S.-based crypto market Kraken did not announce any similar withdrawal operations, it did note financing delays for some tokens, including Solana (SOL). The exchange began allowing users to withdraw funds from accounts via the Lightning Network in March.