Binance Temporarily Halts Bitcoin Withdrawals

Following the famous crypto lending platform Celsius’ withdrawal suspension, the founder and CEO of Binance exchange, Zhao Changpeng, tweeted on the morning of the 13th EST that Binance temporarily suspended Bitcoin withdrawals due to an alleged “stuck transaction.”

Initially Zhao Changpeng tweeted that the issue would be fixed in half an hour. However, after 30 minutes passed with no signs of Bitcoin withdrawals resuming, Zhao followed up another tweet, explaining that the suspension only impacted the Bitcoin network and that the resolution would likely take longer than expected.

Binance’s Bitcoin withdrawal suspension comes hours after one of the largest crypto lenders in the industry, Celsius, was forced to shut down its withdrawal, coin redemption and transfer services for all users due to users’ bank run. The timing of these two incidents further exacerbated the general panic in the crypto market. Some suggest a similar cash liquidity crisis happening at Binance. A number of Binance users had previously reported online that the Exchange had repeatedly suspended trading on the grounds of system maintenance.

A week ago, Bloomberg posted an article citing sources saying that the US Securities and Exchange Commission (SEC), which is investigating Binance’s 2017 BNB offering, suspected that Binance broke the security rules by selling digital coins. SEC had begun investigating Zhao Changpeng’s background and his two firms’ origin in February. It is suspected that Zhao Changpeng has strong ties to Chinese Communist Party (CCP). Reuters also published last week an article, alleging that Binance processed money laundering at least $2.35 billion of transactions from hackers, investment frauds and narcotics sales between 2017 and 2022.Mr. Miles Guo mentioned many times during Miles Grand Livestream that Binance, as a special agent of the CCP, had already emptied investors’ funds long time ago. Its creator, Zhao Changpeng, has been colluding with the CCP and had betrayed users’ information, resulting in many users’ property and lives to be threatened by the CCP. Mr. Miles Guo believes that Binance will be besieged by the world, and Zhao Changpeng will be completely eliminated by the CCP because he knows too much.

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Translator: Formosa Taiwan English Team – Kelvin Liao
Design&editor: HBamboo(昆仑竹)

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