Binance resumes Bitcoin withdrawals after temporary halt

Crypto exchange platform Binance has resumed the withdrawals of Bitcoin on June 13 after it instituted a ‘temporary pause’.

At 8am ET, Binance founder and CEO Changpeng Zhao took to social media to inform that the situation will be addressed in 30 minutes. He later announced that fixing of the issue will warrant a little longer than earlier estimated. The pause lasted three hours.

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.

— CZ ? Binance (@cz_binance) June 13, 2022

Due to the transient halt, transactions were stuck because they were submitted to the exchange with ‘low transaction fees,’ causing a backlog of Bitcoin withdrawals, according to a blog post on the company’s website.

Meanwhile, during the downtime, Zhao clarified that holders “can still withdraw Bitcoin on other networks like BEP-20.”

This news comes as Bitcoin tumbled as much as 6.4 per cent to $25,593 on June 13, its lowest level since May 12, in a seventh day of losses. Ether fell as much as 9 per cent to $1,342.32.

Read: Bitcoin drops to one-month low as US CPI report hurts sentiment

In related company news, Binance recently secured regulatory approval from the French government, boosting its operational plans across the European continent.

Also read: Crypto exchange Binance gets French regulatory nod in European push