Wednesday, October 5, 2022

Binance temporarily halts Bitcoin withdrawals

CEO Changpeng Zhao has reassured Binance users that their funds are safe, linking the halt to a backlog caused by a stuck on-chain transaction.

• June 13, 2022
Binance vs Bitcoin
Binance nd Bitcoin used to illustrate the story

Cryptocurrency exchange platform Binance has halted the withdrawals of Bitcoin following recent volatility at the crypto market. 

On Monday, CEO Changpeng Zhao announced the temporary halt on withdrawals.  

“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,” Mr Zhao said

Mr Zhao has reassured Binance users that their funds are safe, linking the halt to a backlog caused by a stuck on-chain transaction.

He added that the halt is “only impacting the Bitcoin network. You can still withdraw Bitcoin on other networks like BEP-20.”

Earlier today, crypto lending platform Celsius announced that it was halting all withdrawals due to “extreme market conditions”.

The halt from the exchange platform comes as the price of the largest cryptocurrency collapsed to as low as $23,964.

At the time of filing this report, Ethereum has dropped to $1.242 and Binance coin has dropped to $224. 

The total cryptocurrency market capitalisation has dropped below the $1 trillion level for the first time since January 2021, according to CoinMarketCap, which had valued the market at almost $3 trillion in November.

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