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

The Bitcoin and crypto sell-off has intensified with no sign of respite. Amid the ongoing chaos, Binance has temporarily suspended Bitcoin withdrawals, specifically on the BTC network – withdrawals through other networks such as BEP20 are working as intended.

• Official statement on this it says:

“Binance has temporarily suspended #Bitcoin withdrawals on the $BTC network. Meanwhile, you can still withdraw BTC on other networks. This is due to a stuck transaction on the network. Our team is currently working on a solution and will provide additional updates soon.”

• Binance explained that the previous batch of transactions was stuck due to low transaction fees. In essence, this caused a withdrawal delay on the Bitcoin network.
• Founder and CEO of the Changpeng Zhao Exchange confirmed that the stuck transaction caused the backlog.
• To avoid confusion, the CEO also assured that “the funds are SAFU” and that the team is working on a fix that only affected the Bitcoin network.
• Users will still be able to withdraw bitcoins on other networks such as BEP-20.
• At first he claimed that the problem would be solved within 30 minutes, but later said that it will take longer.