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.
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.
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