“Withdrawals on the Bitcoin (BTC) network have now resumed.
We are still working to process the pending Bitcoin (BTC) network withdrawals, and this is estimated to be completed in the next couple of hours. Please note that pending Bitcoin (BTC) network withdrawals will be rejected. In this case, the relevant users will need to resubmit their withdrawal requests.
Thank you for your patience. We apologize for any inconvenience caused.”
According to Binance CEO Changpeng Zhao, the problem was “due to a stuck transaction causing a backlog.
Temporary pause of $BTC withdrawals on #Binance due to a stuck transaction causing a backlog. Should be fixed in ~30 minutes. Will update.
It was originally expected to be fixed in about 30 minutes, according to the tweet at 12:00 UTC. However, it took a bit longer to resolve.
The Binance chief said the funds are SAFU, referring to the Secure Asset Fund for Users emergency insurance fund that his exchange established four years ago. He further explained that the issue was only impacting the Bitcoin network. Bitcoin remained available to withdraw on other networks like BEP-20, he said.
The Binance withdrawal pause comes close on the heels of crypto lending network Celsius announcing Sunday night that it was suspending withdrawals, which caused a further cascade lower in crypto prices, with bitcoin (BTC) on Monday morning trading below $24,000.
At the time of writing, BTC trades at $21,490, down 16% on the daily and 27% on the weekly chart.
