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11.August 2022

Bitcoin news: Binance resumes BTC withdrawals after the temporal halt

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Binance had on Monday announced through a statement that it would temporarily pause BTC withdrawals. After issuing the statement, Binance CEO, Changpeng Zhao, said on Twitter that all user funds were into the Secure Asset Fund for Users (SAFU) emergency insurance fund that the exchange launched four years ago.

The BTC withdrawal pause was initially expected to take about 30 minutes as the team worked on solving the issue with the “stuck transaction” that had caused a blockage. However, minutes later, the issue was yet to be resolved and it was evident it was going to take longer than expected.

Binance had stated that there was a batch of BTC transactions that had been submitted with low transaction fees resulting in a backlog of Bitcoin withdrawals.

Binance, therefore, decided to pause BTC withdrawals to first allow the stuck BTC withdrawals to be completely processed before allowing other withdrawal transactions.

While addressing the temporal BTC withdrawal pause on Monday, besides assuring users that their assets were “SAFU,” the CEO had indicated that the issue only affected the Bitcoin network and Bitcoin remained available for withdrawal on other networks including the likes of BEP-20.

Binance has however resolved the issue and users can now carry on with BTC withdrawals as usual.

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