As digital assets plunge to lows not seen since December of 2020, global crypto exchange giant Binance announced it was temporarily halting all Bitcoin (BTC) withdrawals.
In an announcement, Binance said it was pausing BTC withdrawals due to a set of pending transactions that got stuck, stalling the queue.
“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.
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 CEO Changpeng Zhao, otherwise known as CZ, addressed the issue to his 6.4 million Twitter followers.
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 ? Binance (@cz_binance) June 13, 2022
Afterward, CZ said the problem would take longer than the original 30-minute estimate.
“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.”
At time of publishing, Binance has resumed the Bitcoin withdrawals, roughly four hours after the original announcement.
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