Binance temporarily stops withdrawing funds in bitcoins amid a sharp collapse of cryptocurrency
A significant drop in the value of major cryptocurrencies is accompanied by other shocks to the crypto market. For example, the Binance cryptocurrency exchange has announced a temporary suspension of Bitcoin withdrawal on the $BTC network. Although, users can output BTC to other networks.
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
According to the Binance administration, this decision is related to a transaction that hung in the network, and this caused a long queue. A team of experts is already working to address this issue and is expected to provide additional information soon.
In addition, it is noted that due to a batch of transactions that hung, only one network was affected – the Bitcoin network. Users can display $BTC on Ethereum or BNB Chain while the team works to resolve the failure.
