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Binance halts bitcoin withdrawals, resumes process after 2 hours
By Yashasvini Razdan - Jun 13, 2022, 05:01 PM ET
Last Updated - Mar 04, 2024, 01:17 PM EST
Celsius Network also suspended withdrawals hours before Binance’s halt
• Celsius Network also suspended withdrawals hours before Binance’s halt
Binance on Monday morning temporarily paused bitcoin withdrawals “due to a stuck transaction causing a backlog.”
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Binance founder and CEO Changpeng Zhao tweeted at 8 AM ET, that the problem would be resolved in around 30 minutes. He later said it would take “a bit longer to fix than initial estimate.”
Binance later tweeted at 11:32 AM that bitcoin withdrawals on the Wall Street had resumed.
In a statement published on the Binance website roughly an hour after the freeze on withdrawals, Binance reiterated that the halt was due to a network processing issue. “This [temporary suspension] is due to an earlier batch of transactions getting stuck from low transaction fees submitted and hence, resulting in a backlog of Bitcoin (BTC) network withdrawals,” the exchange said.
Celsius’ suspension
The timing of the incident has raised concerns that Binance might be suffering from a liquidity issue similar to Celsius.
Hours before Binance’s tweet, Celsius Network, one of the world's biggest crypto lenders, suspended withdrawals due to “extreme market conditions.” Crypto enthusiasts rushed to get their money out following the news pushing Bitcoin down as much as 17%.
Source: Twitter, Binance
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