April 21, 2024

Binance has temporarily suspended Bitcoin withdrawals

The reason for the failure was a "stuck" transaction on the BTC mainnet. Binance PromisesResume online withdrawalsBitcoin as soon as the corresponding system becomes stable.

Cryptocurrency exchange Binance has announced a temporary suspension of withdrawals on the Bitcoin (BTC) network. The reason for the failure was that some transactions were stuck on the network due to the low commission for sending.

As the announcement suggests, the technical malfunction only affects the Bitcoin network. Users can still withdraw BTC through the BEP20 and ERC20 networks.

Binance has clarified that it will resume withdrawing funds on the Bitcoin (BTC) network as soon as the related system becomes stable. The exchange team is working to fix the problem.

Certain pending withdrawals toBitcoin (BTC) networks may be rejected, Binance said in a statement. In this case, users will need to resubmit withdrawal requests.

On the morning of June 13, the Bitcoin exchange rate on the Binance crypto exchange collapsed by 13%, to a minimum since December 2020 of $23.7 thousand.

The digital asset market began to decline afterafter the suspension of the withdrawal of funds in the Celsius crypto lending service network. The company explained this by "extreme market conditions." After that, the altcoin rate of the project collapsed by 50%. Celsius has over 1 million users and holds more bitcoins than MicroStrategy and Coinbase.