Crypto Exchange Binance Says Withdrawals Now Reopened

Bookmark

Binance, the world’s largest cryptocurrency exchange by volume, reopened withdrawals after briefly suspending them on Friday to address a large increase in requests.

User sign-ups, deposits and trades are at an all time high, Chief Executive Officer Changpeng Zhao said in a tweet.

Read more: Bitcoin Jumps Above $38,000 as Musk Adds It to Twitter Profile

Funds were safe, the company said, and kept in the Secure Asset Fund for Users (SAFU), an emergency insurance fund stored in a separate cold wallet. Binance allocates 10% of all trading fees received into SAFU to offer protection to users and their funds in extreme cases.

©2021 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.