Binance says ‘funds are SAFU’ as exchange temporarily suspends withdrawals #Web3GrandPappa

Cryptocurrency exchange Binance has revealed it temporarily halted withdrawals affecting different networks, citing a technical issue. In a tweet posted on August 17, the crypto exchange stated the incident occurred at 07:00 AM UTC, noting that the technical issue emanated from a third-party service provider. However, the exchange did not specify the technical issues and the affected networks.

Binance also clarified that the team contained the issue within an hour while assuring users that the funds were safe since it activated the Secure Asset Fund for Users (SAFU). Notably, the exchange launched the SAFU feature in 2018 as an emergency insurance fund to protect users’ funds. The SAFU fund wallets comprise BNB, BUSD, and Bitcoin (BTC). Binance, which ranks as the world’s largest crypto exchange by market capitalisation, also resorted to halting Bitcoin withdrawals back in June.#Web3GrandPappa

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