Major cryptocurrency commutation Binance announced the suspension of all transaction withdrawals on its platform on Mon morning due to a "big backlog" of data. CEO Changpeng Zhao assured all users that funds were safe before the functionality was restored.

The platform shared this announcement on their official Twitter page via a thread, stating:

Following the initial stoppage, Binance informed users that withdrawal activeness had been resumed, but reversed that action a mere 20 minutes later. The firm apologized to their global customer base for the inconvenience and shared that all farther updates will be announced in the thread.

In the tweet, which has received almost 4,500 likes and 975 comments, some users of the social networking platform took a light approach to the saga by proclaiming that all funds are SAFU — a mutual phrase used past the crypto community to denote safe fiscal assets, originally attributed to Binance founder and CEO Changpeng Zhao, or CZ.

At 9:48 am Eastern Fourth dimension, the visitor revealed that "Crypto withdrawals have been resumed."

Related: Binance cuts withdrawal limits, rolls out tax reporting tool

Over the past twelvemonth, Binance has expressed peachy interest in expanding its network, most prominently its digital asset and decentralized application infrastructure platform Binance Smart Concatenation.

In mid-Oct, the platform announced the launch of a $ane billion fund to advance this ecosystem development, allocating one-half of the eight-figure sum to fostering the emergence of projects constructing metaverse, virtual reality and bogus intelligence technologies, amidst other Web 3.0 sectors.

In belatedly October, Binance Smart Concatenation surpassed 1.5 billion transactions, an honorable achievement because its launch just over one year prior.