Binance pauses Bitcoin withdrawals due to “stuck on-chain transaction”
Leading crypto exchange Binance has tweeted out that it has temporarily paused Bitcoin withdrawals on the BTC network. The company said that the withdrawal halt was due to a “stuck on-chain transaction.”
Binance CEO Changpeng Zhao also tweeted, first saying that there was a temporary pause of BTC withdrawals on Binance, due to a “stuck transaction causing a backlog. Should be fixed in ~30 minutes.” He also pointed out the funds are “SAFU”. About 20 minutes later, Mr. Zhao tweeted again that this was likely “going to take a bit longer to fix than my initial estimate,”, asking his followers for “patience and understanding.”
He added that this is only impacting the Bitcoin network, while users can still withdraw Bitcoin on other networks like BEP-20.
The Bitcoin withdrawal halt comes as crypto is having a very tough day (following a tough weekend), with leading coin prices trading down double digit percentages – Bitcoin in the $23,700 range (-14%), Ethereum about $1,200 (-18%), and on and on. Last Monday Bitcoin was changing hands at above $31,000, and Ethereum above $1,800.