Binance Suspends Bitcoin Withdrawals Due to Transaction Backlog Caused by the Crypto Market Selloff

Summary:

• Binance has temporarily paused Bitcoin withdrawals on the exchange due to stuck transactions causing a backlog.
• The team is currently working on a solution, and further explains that the backlog is being caused by a batch of Bitcoin transactions with low transaction fees.
• Bitcoin withdrawals on other networks (BEP20 and ERC20) through wrapped tokens are open and working as normal.

The crypto exchange of Binance has announced that it has temporarily suspended Bitcoin withdrawals on the exchange due to a backlog of stuck transactions.

According to the Binance team, the backlog is a result of Bitcoin transactions getting stuck due to low transaction fees being submitted. The team is currently working on a solution and advises that Bitcoin withdrawals on other networks (BEP10 and ERC20) through the respective wrapped tokens are open and continue working as normal.

Binance also shared the progress of the Bitcoin withdrawals on Twitter, as seen in the following Tweets.

Our team is working on a solution to resume withdrawals as soon as possible. Stay tuned for further updates and timelines.

We apologise for any inconvenience caused.

More info ⤵️https://t.co/HH3Bi55JZ8

— Binance (@binance) June 13, 2022

CZ States it Might Take Longer to Fix Than Initially Estimated

Similarly, Binance CEO, CZ, also updated on the pausing of Bitcoin withdrawals via Twitter. Initially, he gave a thirty-minute timeline for the issue to be fixed, only to update that it might take longer to resolve than he had thought. He said:

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.

This is only impacting the Bitcoin network. You can still withdraw Bitcoin on other networks like BEP-20. Likely this is going to take a bit longer to fix than my initial estimate. More updates soon. Thanks for your patience and understanding.

Bitcoin Continues on Its Downward Spiral

Bitcoin transactions causing a backlog on Binance could result from BTC’s ongoing market meltdown to a local low of $22,600. Bitcoin’s meltdown kick-off over the weekend and the King of Crypto has lost several important support zones along the way, beginning with $28k. They include: $27k, $26,700, $25k, and $23k.

However, on the bright side, a Bitcoin bottom could be found this year and earlier than anticipated. Dollar-cost averaging on spot markets using small USD amounts could be a better option than going all-in on Bitcoin right now. Caution is advised when attempting to catch the proverbial falling knives in the crypto markets.

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