Funds Are SAFU: Binance Pauses Bitcoin Withdrawals Due to Network Backlog

Bitcoin and cryptocurrency sell-off has heightened with no signs of a respite. Amidst the ongoing mayhem, Binance temporarily halted Bitcoin withdrawals on the BTC network specifically – withdrawals through other networks such as BEP20 are working as intended.

Binance has temporarily paused #Bitcoin withdrawals on the $BTC network. Meanwhile, you can still withdraw BTC on other networks. This is due to a stuck on-chain transaction. Our team is currently working on a solution and will provide further updates soon.”

  • Binance explained that an earlier batch of transactions was stuck as a result of the low transaction fees submitted. This essentially caused a backlog of Bitcoin network withdrawals.
  • The exchange’s founder and CEO, Changpeng Zhao, also confirmed that a stuck transaction resulted in a backlog.
  • To avoid any confusion, the chief executive also assured that “funds are SAFU” and that the team is working on a fix that has affected only the Bitcoin network.
  • Users will still be able to withdraw Bitcoin on other networks such as BEP-20.
  • He had initially asserted that the issue would be fixed within 30 minutes but later said that it would take longer.

UPDATE: Binance has resumed BTC withdrawals. 

SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

You Might Also Like:


.custom-author-info{ border-top:none; margin:0px; margin-bottom:25px; background: #f1f1f1; } .custom-author-info .author-title{ margin-top:0px; color:#3b3b3b; background:#fed319; padding:5px 15px; font-size: 20px; } .author-info .author-avatar { margin: 0px 25px 0px 15px; } .custom-author-info .author-avatar img{ border-radius: 50%; border: 2px solid #d0c9c9; padding: 3px; }

The post appeared first on CryptoPotato

Buy Bitcoin with Credit Card

BitMex Leverage Trading

Automated Trading Bot

Related Posts

Leave a Reply

Bitcoin (BTC) $ 97,066.01 2.76%
Ethereum (ETH) $ 3,322.45 7.15%
Tether (USDT) $ 0.999784 0.34%
Solana (SOL) $ 253.65 7.63%
BNB (BNB) $ 619.30 1.14%
XRP (XRP) $ 1.11 0.87%
Dogecoin (DOGE) $ 0.38263 0.01%
USDC (USDC) $ 0.999351 0.21%
Lido Staked Ether (STETH) $ 3,322.15 7.25%
Cardano (ADA) $ 0.788549 4.86%