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.
The official statement on the matter reads:
“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.