Binance pauses bitcoin withdrawals as crypto bloodbath continues
Daniel Levi
Posted On June 13, 2022
Earlier today, Crypto lender Celsius announced it was freezing all withdrawals and transfers for all of its 1.7 million crypto customers due to what the crypto startup described as “extreme market conditions.” Now, the crypto withdrawals appear to be spreading to other crypto exchanges.
About an hour ago, Binance, the world’s largest crypto exchange, announced it “has temporarily paused Bitcoin withdrawals on the BTC network.” However, the company said its customer can “still withdraw BTC on other networks.” Binance cited “a stuck on-chain transaction” as the reason for the pause. The company added that its “team is currently working on a solution and will provide further updates soon.”
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 (@binance) June 13, 2022
In a follow-up tweet, Binance said that only a single network, the Bitcoin network, is impacted due to the stuck batch of transactions. “Users can withdraw $BTC on Ethereum or BNB Chain while our team works to resolve this temporary pause.”
Only a single network, the Bitcoin network, is impacted due to the stuck batch of transactions.
Users can withdraw $BTC on Ethereum or BNB Chain while our team works to resolve this temporary pause.
— Binance (@binance) June 13, 2022
Meanwhile, angry users were so quick to blame the company for foul play. In a tweet, one user asked: “Okey why do we see something like this when market is crashing?? I never ever seen negative shit at the top, why???????”
Okey why do we see something like this when market is crashing?? I never ever seen negative shit at the top, why???????
— The Wolf of Crypto (@zibiiiiiiii) June 13, 2022
Domiciled in the Cayman Islands, Binance was founded in 2017 by Changpeng Zhao and Yi He. The exchange provides a platform for trading various cryptocurrencies. Today, Binance is the world’s largest crypto exchange. Binance provides access to exchange digital currency pairs on the market while maintaining security, and liquidity, enabling a safe and efficient deal with anyone, anytime and anywhere.
