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Major cryptocurrency exchange Binance announced the suspension of all transaction withdrawals on its platform on Monday morning due to a “large backlog” of data. CEO, Changpeng Zhao, assured all users that funds were safe, before the functionality was restored.
The platform shared this announcement on their official Twitter page via a thread, stating:
We're on it. Funds are SAFU. https://t.co/LbJbZsVhl0
— CZ Binance (@cz_binance) November 1, 2021
Following the initial stoppage, Binance informed users that withdrawal activity had been resumed, but reversed that action a mere 20 minutes later. The firm apologized to their global customer base for the inconvenience and shared that all further updates will be announced in the thread.
Related: Binance cuts withdrawal limits, rolls out tax reporting tool
In the tweet, which has received almost 4,500 likes and 975 comments, some users of the social networking platform took a light approach to the saga by proclaiming that all funds are SAFU — a common phrase used by the crypto community to denote safe financial assets, originally attributed to Binance founder and CEO Changpeng Zhao, or CZ.
At 9:48am Eastern time, the company revealed that “Crypto withdrawals have been resumed.”