Crypto lending company Celsius Network announced late on Sunday night that it would freeze all withdrawals and transfers due to "extreme market conditions." The move sparked an enormous selloff, with the price of bitcoin falling 12 percent to its lowest level since December 2020. 

Binance, the world's largest crypto exchange by trading volume, said Monday morning that it was freezing bitcoin withdrawals "due to a stuck transaction causing a backlog."

Changpeng Zhao, the firm's CEO, tweeted that the fix would only take 30 minutes but later said that the problem was "going to take a bit longer to fix" than his initial estimate.