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CRYPTO NEWS DESK — 2022-06-13

Funds Are SAFU: Binance Pauses Bitcoin Withdrawals Due to Network Backlog

CZ has made it clear that users' funds are SAFU while the team is working on handling the issue.

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.

— Chayanika Deka of CryptoPotato - Crypto Blog

Keywords: AA News, Crypto News, Binance, Bitcoin


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