Cryptocurrency exchange Binance announced a temporary freeze on withdrawals on Wednesday morning. The suspension took place across multiple networks as a result of a technical issue by a third-party provider, according to Binance.

In a tweet, the exchange said the incident took place around 7:00 am UTC and was resolved by the team within an hour.

Earlier today, around 07:00am UTC, #Binance temporarily closed withdrawals for multiple networks due to an issue with a third-party technical provider. Our team responded quickly, resolving the issue within 1-hour.Funds are SAFU. Thank you for your patience and understanding.

Binance also assured users that despite the freeze, funds are “SAFU”. This acronym stands for the exchange’s monetary fund, Secure Asset Fund for Users (SAFU). The fund was created in 2018 by Binance to compensate customers in light of a hack on the exchange. It holds 10% of all trading fees.

After questions about the fund from Twitter users, the exchange promptly clarified the purpose and its $1 billion value.

Here's everything you need to know about SAFU. https://t.co/umGZ0xv1rl pic.twitter.com/cq3TCPVBfm

This comes only days after Binance recovered and froze nearly $450,000 worth of the stolen assets from the Curve Finance hack.

This comes only days after Binance recovered and froze nearly $450,000 worth of the stolen assets from the Curve Finance hack. In June, Binance also halted Bitcoin (BTC) withdrawals due to a major network congestion. Binance is the world’s largest crypto exchange and deals with nearly 3.224 million transactions per day.

Volatile market conditions have caused major turbulence for crypto companies. The crypto exchange Celsius also halted withdrawals in June, though it cited market