Binance has paused Bitcoin (BTC) withdrawals from the exchange as it works to resolve an issue with a stuck transaction.
Withdrawals have been paused for over an hour at press time. This has caused panic on the market as many rushed to move their Bitcoin holdings to cold wallets after Celsius halted all withdrawals from the platform.
Binance CEO Changpeng Zhao tweeted June 13 that the exchange paused withdrawals to deal with a stuck Bitcoin transaction that was causing a backlog. He noted that this has only impacted the Bitcoin network and that users are still able to withdraw their Bitcoin on the Ethereum Network or Binance Smart Chain.
Binance is blaming a “stuck transaction” for a temporary Bitcoin withdrawal halt.
The exchange’s CEO, Changpeng “CZ” Zhao, reported the temporary suspension earlier today on Twitter, saying that the issue would be fixed and withdrawals resumed within 30 minutes. However, after 30 minutes passed with no signs of Bitcoin withdrawals resuming, Zhao followed up his initial tweet with another, explaining that the suspension only impacted the Bitcoin network and that resolution would likely take longer than expected.
Despite being unrelated, the timing of these two incidents seems to have further worsen the general tension in the crypto market, leading some community members to suspect that Binance may also be dealing with a liquidity crisis.
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This news is published and verified by the NFT News media team.
