The CEO of Binance, Chen Zhao (CZ) has confirmed the delay for Bitcoin withdrawal on the exchange due to congestion. According to a tweet from his official account, the CEO revealed that the suspension is because of a “stuck on-chain transaction.”
Meanwhile, Chen Zhao added that all funds are “SAFU”, an acronym for Secure Asset Fund for Users. This implies that despite the troubles users’ funds with Binance are safe. However, the development further sums up the shortcomings that have hit the cryptocurrency industry so far.
CZ further confirms that the withdrawal of Bitcoin on systems like BEP-20 is very much intact. He insisted that the suspension is only on the Bitcoin network. The CEO made it known that restoring withdrawal might take longer than expected, nevertheless, the exchange is open towards keeping the community updated about the development.
How CZ tweets attracted controversies
Also, an official statement from Binance itself further affirms the development while CZ tweet has stirred up diverse reactions. Due to his swift revelation, a section of his followers on Twitter applauded him for his commitment. They praised his persistence in engaging the Binance community from time to time over numerous issues.
The recent development has intensified the debate on the importance of the Lightning Network. Some opined that the presence of the initiative will help in dodging any congestion in the nearest future. It has baptized Binance with criticism over the firm’s reluctance to integrate the Lightning Network. Critics maintained that the international reputation of the exchange platform should convince it to become a pacesetter in the industry.
Furthermore, critics pointed to the adoption of the Lighting Network by one of Binance rivals, Kraken. The adoption has aided numerous removal of funds from the platform on almost an instant basis. Therefore, resulting in a free flow of trading activities on Kraken.
Lastly, the firm has overtly found itself among controversial issues lately with Reuters reporting several stories that have painted Binance in a bad light. Despite the criticisms, Binance still maintains its position as a force to reckon with globally. The exchange firm has been a leading advocate for the popularity of cryptocurrency across various countries.