Binance, the world’s largest crypto exchange by trading volume, has resumed Bitcoin (BTC) withdrawals following a brief pause, according to the company.
According to CEO Changpeng Zhao, the issue was caused by a stuck transaction causing a backlog.
As per the tweet at 12:00 UTC, the issue was originally expected to be resolved in half an hour; however, he later stated that the problem would take a little longer to be resolved.
The funds are SAFU, according to the Binance CEO, citing the Secure Asset Fund for Users emergency insurance fund that his exchange established four years ago. He further stated that the problem was confined to the Bitcoin network. He added that Bitcoin was still available to withdraw on other networks like BEP-20.
The Binance withdrawal pause comes after crypto lending network Celsius announced Sunday night that it was suspending withdrawals, causing a further drop in crypto prices, with bitcoin (BTC) trading below $24,000 on Monday morning.
An update is that the Bitcoin network withdrawals have resumed.
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