The world’s largest crypto exchange by trading volume, Binance temporarily paused Bitcoin (BTC) withdrawals early Monday morning “due to a stuck transaction causing a backlog,” according to CEO Changpeng “CZ” Zhao.

According to Zhao’s original tweet, the situation was expected to be resolved in approximately 30 minutes. However, he then stated that the problem would take a little longer to rectify. As of publication time, this had all happened roughly 180 minutes ago.

The funds are SAFU, according to the Binance CEO, referring to the Secure Asset Fund for Users emergency insurance fund that his exchange established four years ago. He went on to say that the problem was limited to the Bitcoin network. He stated that Bitcoin was still available for withdrawal on other networks such as BEP-20.

The Binance withdrawal delay comes after crypto lending network Celsius announced Sunday night that it was suspending withdrawals, causing a further drop in crypto values, with Bitcoin (BTC) trading below $24,000 on Monday morning.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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News

Binance Temporarily Pauses Bitcoin Withdrawals

The world’s largest crypto exchange by trading volume, Binance temporarily paused Bitcoin (BTC) withdrawals early Monday morning “due to a stuck transaction causing a backlog,” according to CEO Changpeng “CZ” Zhao.

According to Zhao’s original tweet, the situation was expected to be resolved in approximately 30 minutes. However, he then stated that the problem would take a little longer to rectify. As of publication time, this had all happened roughly 180 minutes ago.

Temporary pause of $BTC withdrawals on #Binance due to a stuck transaction causing a backlog. Should be fixed in ~30 minutes. Will update.

Funds are SAFU.

— CZ ???? BNB (@cz_binance) June 13, 2022

The funds are SAFU, according to the Binance CEO, referring to the Secure Asset Fund for Users emergency insurance fund that his exchange established four years ago. He went on to say that the problem was limited to the Bitcoin network. He stated that Bitcoin was still available for withdrawal on other networks such as BEP-20.

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????

— CZ ???? BNB (@cz_binance) June 13, 2022

The Binance withdrawal delay comes after crypto lending network Celsius announced Sunday night that it was suspending withdrawals, causing a further drop in crypto values, with Bitcoin (BTC) trading below $24,000 on Monday morning.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

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