The crypto market fell in a way that has not been seen since December 2020, and amidst the massive fear and uncertainty, Binance revealed the other day that it is pausing all Bitcoin withdrawals, triggering more panic.
In an official post, the important crypto exchange said that it’s pausing BTC withdrawals due to a set of pending transactions that have gotten stuck and stalled the queue. Check out the latest reports below.
Binance announcement about Bitcoin withdrawals
Check out the official announcement about the platform pausing all transactions.
“Withdrawals on the Bitcoin (BTC) network were temporarily suspended on 2022-06-13 at 11:43:43 (UTC). BTC withdrawals on other networks (BEP20 and ERC20) remain open and are working as normal.”
The notes continued and revealed:
“This is due to an earlier batch of transactions getting stuck from low transaction fees submitted and hence, resulting in a backlog of Bitcoin (BTC) network withdrawals. The Binance team is working on a solution to resume Bitcoin (BTC) network withdrawals soon.”
The same notes said:
“Binance will reopen withdrawals on the Bitcoin (BTC) network once our withdrawal system becomes stable, and we will notify users in a further announcement.”
Binance also left the following note at the end of their announcement:
“Some pending Bitcoin (BTC) network withdrawals may be rejected once withdrawals on the Bitcoin (BTC) network are resumed. In this case, the users will need to resubmit their withdrawal requests. BTC withdrawals on other networks remain open and are working as normal.”
Binance’s Changpeng Zhao addressed the issue via his social media account as well.
Funds are SAFU.
— CZ 🔶 Binance (@cz_binance) June 13, 2022
He also stated the following: ” This is only impacting the Bitcoin network. You can still withdraw Bitcoin on other networks like BEP-20. Likely this is going to take a bit longer to fix than my initial estimate. More updates soon. Thanks for your patience and understanding.”
About four hours following the announcement, Binance resumed withdrawals. This came right after Celsius, a controversial crypto lending platform, said Monday it was pausing all withdrawals, causing more pain in the fragile crypto market, according to the latest reports coming from CNBC.