Binance Temporarily Halts BTC Withdrawals

Binance has halted BTC withdrawals on its platform. They claim that stuck transactions are the reason behind this temporary halt as they are causing a backlog. 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 Why Has Binance Halted BTC Withdrawals? As of now, withdrawals of BTC from Binance are unavailable on the Bitcoin network. Other networks allow you to cash out BTC. An on-chain transaction is to blame for this issue. The blocked batch of transactions affects only Bitcoin. The Binance team is working to restore BTC withdrawals on Ethereum and BNB Chain. Changpeng Zhao initially stated in a tweet that the team would be resolving the problem in 30 minutes. But, he soon tweeted again saying that it might take longer than what he’d previously expected. The latest development comes as BTC fell by over 10% on Monday. It fell below $24K, reaching its lowest level since December 2020. BTC has lost 15% of its value, plunging below $24K, as the crypto industry lost $200B over the weekend. BTC Declines By 15% The lowest BTC has fallen since December 2020, when it fell below $24K more broadly due to a sell-off in risk markets. Furthermore, Celsius has halted its clients’ withdrawals, raising wor...