As digital assets plunge to lows not seen since December of 2020, global crypto exchange giant Binance announced it was temporarily halting all Bitcoin (BTC) withdrawals.
In an announcement, Binance said it was pausing BTC withdrawals due to a set of pending transactions that got stuck, stalling the queue.
“This is due to an earlier batch of transactions getting stuck from low transaction fees submitted and hence, resulting in a backlog of Bitcoin (BTC) network withdrawals. The Binance team is working on a solution to resume Bitcoin (BTC) network withdrawals soon.
Binance will reopen withdrawals on the Bitcoin (BTC) network once our withdrawal system becomes stable, and we will notify users in a further announcement.”
Binance CEO Changpeng Zhao, otherwise known as CZ, addressed the