Binance briefly suspends Bitcoin withdrawals, resumes after 3 hours

Binance CEO Changpeng ‘CZ’ Zao had recently tweeted that the crypto exchange had put a temporary pause on Bitcoin withdrawals on Binance.

Binance Cz

Binance explained that this was due to a stuck transaction which had caused a backlog. They also further stated that only the Bitcoin network had been impacted and that users could still withdraw their Bitcoin using other networks like BEP-20 or ERC20.

According to Zhao, “Funds are SAFU”. SAFU being slang in the crypto space and a play on the word safe. It could also denote Binance’s trading protection fund, the Secure Asset Fund for Users (SAFU).

https://twitter.com/cz_binance/status/1536317704990208000

As of writing, Binance has announced that withdrawals on the Bitcoin network have resumed but are still working on pending BTC network withdrawals. Zhao has also stated that its team of developers is working on a way to avoid the same incident moving forward.

Post mortem of our temporary BTC network withdrawal suspension.

🔸 Temporary pause duration: ~3 hours
🔸 Impact: $BTC network withdrawals only. Users could still withdraw #Bitcoin on other networks without delay (ERC20 & BEP20). Deposits unaffected.

🧵More details 👇

— Binance (@binance) June 13, 2022

Val Jose Mendoza

Hi! I'm VJ Mendoza! Although I just finished my Bachelor's in Nursing, I've always loved tech and to just to get an idea of me, some things I like are anime, video games, sports such as basketball, volleyball and fencing.

https://www.yugatech.com/

One Comment

Hugo says:

2 years ago

A lot of BTC investors and traders are in a bit of panic since last month
due to grim economy forecast announced by EU since the war in Ukraine
started and also added fuel to the fire are the political unrest in the U.S
regarding their inflation rate, rising prices in consumer goods including
gas, poor management of political matters by the Biden administration
regarding international issues with China, Taiwan, NoKor, West Philippine
Sea, Nuclear issues with Iran and the woke issues happening all-across
the U.S and specially Elon Musk’s announcement last week regarding the
unfavorable future of the economy regarding different businesses.

All these matters unfortunately took major toll in all angles not just on
BTC but 95 percent of all cryptocurrencies being traded in all crypto
trading platforms globally and the grim forecast will continue to persist
and inflict damages for many months to come as long as those important
issues mentioned above are not dealt properly. Sad to say EU, NATO and
the US has no plans to stop adding fuel to the fire on war in Ukraine, that
alone is a clear indicator and a strong message for those who invest in
crypto currency like i do to hold on a bit on your reins for now and wait a
bit for the major political issues globally to settle down including the
political issues in the U.S.

Binance went into a downward spiral panic mode since majority of its
clients under their ecosystem suddenly decided to pause their trading and
converted their cryptos to fiat currency and withdraws, as a result due to
tons of transaction happening the network suddenly it couldn’t keep up
with the traffic and decided to pause it just to minimize the traffic a bit but,
last time i checked (few hours ago) it still on heavy traffic. To those Pinoys
who are experiencing difficulties withdrawing who are in the Binance eco
system be patient and make sure to take extra measures to document
each of your transactions including taking screenshots and save it for
future reference, its hard to tell that when your transactions didn’t go as
planned you always have a something that you can refer to when there’s
a technical dispute regarding transferring of assets thru your payment
and receiving mediums such as banks and other digital wallets.
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