Popular crypto exchange Binance has reactivated the option that allows users to resume the withdrawal of Bitcoin from the exchange. This comes hours after the notable exchange paused bitcoin withdrawals for a few hours on Monday due to a “stuck transaction.”
According to the blog post from Binance,
“All pending Bitcoin (BTC) network withdrawals on 2022-06-13 have been confirmed.
Binance team is working on a long-term solution to accelerate pending transactions on the Bitcoin (BTC) network and prevent similar situations in the future.”
The blog post also disclosed the stuck transactions that led to the temporary halt in the withdrawal of Bitcoin in the exchange.
On Monday, the exchange announced on Twitter that bitcoin withdrawals were paused and users would be unable to withdraw the popular cryptocurrency “due to a stuck transaction causing a backlog.”
The spotlight was shone on this when the founder of Binance, Changpeng Zhao, tweeted about the pause in withdrawal, stating that it would be resolved in thirty minutes.
In his tweet, he noted, “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.”
By SAFU, he meant the ‘Secure Asset Fund For Users,’ a fund designed to protect users’ interests.
He later added that it might take a longer period to fix the situation.
“Likely this is going to take a bit longer to fix than my initial estimate.”
During the period that withdrawal was disabled, Binance announced in a tweet that users could still withdraw their BTC on other networks like BEP20 and ERC20.
“A batch of $BTC transactions got stuck due to low TX fees, resulting in a backlog of BTC network withdrawals.
As a result, withdrawals on the Bitcoin network are temporarily suspended on Binance. BTC withdrawals on other networks (BEP20 & ERC20) remain open as normal.”
The exchange disclosed another way to withdraw the BTC.
“If you’re withdrawing #Bitcoin using another network, follow these steps:
Select $BTC in your spot wallet > click withdraw > send via crypto network > enter the address you’re sending to > select network (BEP20 or ERC20) > confirm the withdrawal. ”
At the moment, normalcy has returned to the Binance ecosystem.
If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools”
