Changpeng Zhao, Binance's founder and CEO, initially said that the issue would be fixed within 30 minutes. He later changed that estimate in a tweet this morning, noting that it was going to take longer to fix. The issue only impacted the bitcoin network and has since been resolved.
The pause comes as the cryptocurrency marketfor the first time since February 2021. During the drop, bitcoin has fallen below $24,000 for the first time since December 2020. Celsius, a major crypto lender company, also froze withdrawals and transfers over the weekend.