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Amidst a crypto market meltdown on Monday, ignited by the downfall of Celsius Network, global crypto exchange giant Binance announced it had temporarily halted all Bitcoin (BTC) withdrawals on its platform.
Binance explained that BTC withdrawals were paused following a set of stuck transactions causing congestion on the network and queuing up pending orders.
“This is due to an earlier batch of transactions getting stuck from low transaction fees submitted and hence, resulting in a backlog of Bitcoin (BTC) network withdrawals. The Binance team is working on a solution to resume Bitcoin (BTC) network withdrawals soon.
Binance will reopen withdrawals on the Bitcoin (BTC) network once our withdrawal system becomes stable, and we will notify users in a further announcement.”
Binance Founder and CEO, Changpeng ‘CZ’ Zhao, personally took to Twitter and notified his 6.4 million followers on the social media giant saying that it would take them longer than initially estimated 30 minutes.
Shortly after posting, ‘CZ’ said the problem would take longer than the original 30-minute estimate.
“This is only impacting the Bitcoin network. You can still withdraw Bitcoin on other networks like BEP-20.
Likely this is going to take a bit longer to fix than my initial estimate. More updates soon. Thanks for your patience and understanding.”
Four hours after the exchange’s first announcement, Binance has resumed all Bitcoin withdrawals.