Binance on Monday temporarily suspended withdrawals on the Bitcoin (BTC) network, it said in a statement.
However, trading operations on the Binance Smart Chain (BEP-20) and Ethereum (ERC-20) networks are open and operating normally.
Post mortem of our temporary BTC network withdrawal suspension.
🧵More details 👇
— Binance (@binance) June 13, 2022
Binance CEO Changpen Zhao said via his Twitter account on the platform outage stating that the issue should be resolved within 30 minutes.
So far, it has been almost 5 hours since Changpen Zhao’s twitter post and BTC withdrawals have not resumed due to the Bitcoin network failure.
Funds are SAFU.
— CZ 🔶 Binance (@cz_binance) June 13, 2022
How did the failure originate?
The service suspension is due to a batch of transactions getting stuck due to low transaction fees sent in TX, which originated a backlog of withdrawals on the Bitcoin network.
The Binance team is seeking a solution as soon as possible to resume BTC withdrawals.
Binance will resume service once the system is stabilized and will notify its users through its website and social media.
What should you be aware of?
Some withdrawals that were pending on the Bitcoin network may be rejected once service resumes.
In this case, users will have to resubmit their withdrawal requests. BTC withdrawals on other networks remain open and function normally.
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