Binance resumes crypto withdrawals after suspension due to system backlog

A few hours after Binance made an announcement that all withdrawals on its platform had been suspended, the crypto exchange appears to have rectified the issue and restored the functionality.

On Monday morning, Binance shared the news via its official Twitter channel that it was halting all withdrawal activity due to a “large backlog” of data. While the news rattled customers, CEO Changpeng Zhao assured users that their funds were safe.

After the initial stoppage, Binance told its users that the function had been restored, before suspending it again about 20 minutes later. Apologies were rendered by the firm to their worldwide customers for the setback, promising to keep them updated on the issue.

A few users took the development light-heartedly to assert that all funds are “SAFU” in a tweet that gathered almost 4,500 likes and 975 comments.

SAFU is a common phrase used by the crypto community to refer to secure financial assets, originally attributed to Binance founder and CEO Changpeng Zhao (CZ).

The company later revealed at 9:48 am Eastern time, that "crypto withdrawals [had] been resumed."

Binance has been actively expanding its ecosystem, especially its digital asset and decentralized application infrastructure platform Binance Smart Chain.

It announced in mid-October that it would be launching a $1 billion fund to advance the development of the Binance Smart Chain ecosystem. Half of the fund was allocated to projects constructing metaverse, virtual reality, and artificial intelligence technologies, among other Web 3.0 sectors.