Binance halts bitcoin withdrawals after Celsius blocks all redemptions
Binance on Monday halted withdrawals of bitcoin hours after crypto lender Celsius blocked customers from pulling funds from its platform in moves that fuelled a broad sell-off across the digital asset market.
Bitcoin, ether and other major tokens dropped sharply on Monday following a turbulent weekend as the market infrastructure that underpins the digital asset market showed worsening signs of strain.
Binance, the world’s biggest crypto exchange, suspended customer withdrawals of bitcoin on Monday afternoon. The pause came after Celsius, another major player in crypto that lets users lend out their tokens for high returns, halted redemptions due to “extreme market conditions”.