Binance Temporarily Paused Bitcoin Withdrawals

by in Cryptocurrency News

Binance Bitcoin withdrawals

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.

Related: SEC Started Investigating Binance Over the BNB Sale

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.

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.