Binance, the world’s largest cryptocurrency exchange, paused Bitcoin withdrawals on Monday for a few hours owing to a "stuck transaction", its founder and chief executive said in a tweet.
The network withdrawals, which faced a temporary halt starting at 4pm UAE time, resumed around 7.30pm UAE time.
Changpeng Zhao's initial tweet said the issue would be resolved in 30 minutes. "Temporary pause of $BTC withdrawals on #Binance due to a stuck transaction causing a backlog. Should be fixed in ~30 minutes. Will update," he said.
This was shortly followed by another tweet saying: "Likely this is going to take a bit longer to fix than my initial estimate. More updates soon. Thanks for your patience and understanding."
"This is only impacting the Bitcoin network. You can still withdraw Bitcoin on other networks like BEP-20," Mr Zhao added in a tweet. "Funds are SAFU." The term SAFU in crypto stands for "secure asset fund for users", which is an emergency insurance fund that was established by Binance in 2018 to protect users' funds.
The news comes as Bitcoin tumbled on Monday after major US cryptocurrency lending company Celsius Network froze withdrawals and transfers — citing "extreme" conditions.
Bitcoin touched an 18-month low of under $23,300, in the latest sign of pressure on the sector from tumbling crypto markets. The largest cryptocurrency, which surged in 2020 and 2021, is down around 50 per cent so far this year, a Reuters report said.
Binance has recently been strengthening its ties in the Middle East and Europe, after receiving in-principle approval from the Abu Dhabi Global Market to operate as a broker-dealer in virtual assets in the capital in April.
Founded in China in 2017, the company also secured a virtual asset licence to operate in Dubai and regulatory approval from the Central Bank of Bahrain in March to operate as a crypto-asset service provider in the kingdom.
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
Cricket World Cup League Two
Teams
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Namibia beat Oman by 52 runs
UAE beat Namibia by eight wickets
Fixtures
Saturday January 11 - UAE v Oman
Sunday January 12 – Oman v Namibia
The biog
Name: Sari Al Zubaidi
Occupation: co-founder of Cafe di Rosati
Age: 42
Marital status: single
Favourite drink: drip coffee V60
Favourite destination: Bali, Indonesia
Favourite book: 100 Years of Solitude
If you go:
Getting there:
Flying to Guyana requires first reaching New York with either Emirates or Etihad, then connecting with JetBlue or Caribbean Air at JFK airport. Prices start from around Dh7,000.
Getting around:
Wildlife Worldwide offers a range of Guyana itineraries, such as its small group tour, the 15-day ‘Ultimate Guyana Nature Experience’ which features Georgetown, the Iwokrama Rainforest (one of the world’s four remaining pristine tropical rainforests left in the world), the Amerindian village of Surama and the Rupununi Savannah, known for its giant anteaters and river otters; wildlifeworldwide.com
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
