Crypto exchange platform Binance resumed the withdrawals of Bitcoin after it instituted a ‘temporary pause’ due to a ‘stuck transaction’.
At 8 am ET on June 13th, Binance founder and CEO Changpeng Zhao took to Twitter to inform people that the situation will be addressed in 30 minutes. He later announced that fixing the issue will take a little longer than estimated. The pause lasted three hours.
According to the company blog and a tweet by Binance, transactions were stuck because they were submitted to the exchange with ‘low transaction fees,’ causing a backlog of Bitcoin withdrawals. Meanwhile, during the downtime, Zhao clarified that holders “can still withdraw Bitcoin on other networks like BEP-20.”
The Binance withdrawal halt came close after the crypto lending network ‘Celsius’ announced Sunday night that it was suspending withdrawals. The halt on both platforms caused a downturn in Bitcoin prices by more than 10%, and on Monday morning it was trading below $24,000, its lowest level since December 2020.
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