Cryptocurrency exchange binance in a recent release reported that it is temporarily suspending BTC withdrawals on the Bitcoin (BTC) network.
In the statement Binance said:
Withdrawals on the Bitcoin (BTC) network were temporarily suspended on 13/06/2022 at 11:43:43 (UTC). BTC withdrawals on other networks (BEP20 and ERC20) remain open and working normally.
This is due to a previous batch of transactions that got stuck due to low transaction fees sent and thus resulting in a backlog of withdrawals from the Bitcoin (BTC) network. The Binance team is working on a solution to resume withdrawals from the Bitcoin (BTC) network soon.
Binance will reopen withdrawals on the Bitcoin (BTC) network once our withdrawal system becomes stable and we will notify users in a new announcement.
In the statement, the cryptocurrency exchange noted that:
- Some pending withdrawals from the Bitcoin (BTC) network may be rejected once withdrawals from the Bitcoin (BTC) network have resumed. In this case, users will need to resubmit their withdrawal requests.
- BTC withdrawals on other networks remain open and operating normally.
On twitter CZ reported the problem and said:
Temporary pause of $BTC withdrawals on #Binance due to a stuck transaction causing a backlog. Should be fixed in ~30 minutes. will update.
Temporary pause of $ BTC withdrawals on #Binance due to a stuck transaction causing a backlog. Should be fixed in ~30 minutes. Will update.
Funds are SAFU.
- CZ 🔶 Binance (@cz_binance) June 13, 2022
