Binance, the world’s largest cryptocurrency exchange moved to halt withdrawals in Bitcoin following founder and CEO Changpeng Zao’s announcement on Twitter.
The news comes amid a crash of cryptocurrencies, with the Bitcoin down 15% in the last 24 hours, while the Ethereum is at -16%.
Binance explained that “a batch of Bitcoin transactions got stuck due to low transaction fees, “resulting in a delay” in Bitcoin withdrawals from the network.
“Our team is working to find a solution to the problem so that withdrawals can resume as soon as possible,” it added. “Stay tuned for further updates.”
The cessation of withdrawals comes amid increased regulatory control of exchanges cryptocurrency exchanges by the US authorities.
The Securities and Exchange Commission is reportedly investigating Binance Holdings Ltd for a possible violation of securities laws since it issued the BNB token, which provides traders on the platform with lower fees.
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