Binance, the largest crypto exchange by trading volume temporarily paused Bitcoin withdrawals amid the market selloff as the price of the coin fell below $24,000. Binance CEO Changpeng Zhao or CZ announced about the issue on Twitter, saying that it was caused by a stuck transaction which led to a backlog.
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At first, CZ said the network would get to normal in about 30 minutes. The post also mentioned that funds are in the emergency insurance fund called Secure Asset Fund for Users SAFU.
Temporary pause of $BTC withdrawals on #Binance due to a stuck transaction causing a backlog. Should be fixed in ~30 minutes. Will update.
— CZ 🔶 Binance (@cz_binance) June 13, 2022
Funds are SAFU.
However, the issue has been taking longer than expected. In a later tweet, CZ said fixing the situation is likely going to take more than initial estimation. He added that more updates will come soon.
CZ said difficulties only impacted the BTC network. Bitcoin withdrawals are still available on other networks like BEP-20.