- The exchange suspended all its withdrawals on the Bitcoin chain this Monday, June 13.
- The CEO said that other channels can be used and that it would not take more than 30 minutes, although he later clarified that it would take longer.
- It is not recommended to store your savings in Bitcoin and other cryptocurrencies in an exchange.
“Binance has temporarily paused Bitcoin withdrawals on the BTC network.”
The message struck deep into the hearts of hundreds of investors in the world’s largest exchange by market volume, even as it clarifies: “In the meantime, you can still withdraw BTC on other networks.”
Binance’s explanation says that it is due to “a transaction stuck in the chain”.
He adds: “Our team is working on a solution and will provide more details soon.”
Later, Changpen Zhao, the CEO of Binance, said that the suspension of Bitcoin withdrawals will last longer than initially expected.
Although this is speculation, Investors fear that Binance’s decision to ban Bitcoin on-chain withdrawals is linked to the price crash in the crypto market.
In effect, the exchange suspended all its withdrawals on the Bitcoin chain this Monday, June 13, although you can use other chains or convert those assets to other digital currencies and then transfer them. At least for now.
“There is a temporary pause in BTC withdrawals on Binance due to a transaction that has been stuck, which is causing a delay. This should be resolved in about 30 minutes. We will be reporting. The funds are safe”, was the text of Zhao’s message on the social network Twitter.
Later, Zhao posted that his estimate for the 30 minutes was very optimistic, noting that it would take longer than he thought.
Furthermore, he added that Bitcoin withdrawals could still be made “on other networks, such as BEP20.”
It should be noted that in these cases, it is not BTC, but tokens that run through the Binance network (Binance Chain), whose value is equivalent to the price of Bitcoin.
In this way, the BTC can be exchanged to BTC-BEP20 and then withdrawn to a personal wallet to prevent the possibility of losing the funds.
Binance has temporarily paused #bitcoin withdrawals on the $BTC network. Meanwhile, you can still withdraw BTC on other networks.
This is due to a stuck on-chain transaction. Our team is currently working on a solution and will provide further updates soon.
—Binance (@binance) June 13, 2022
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