The Binance platform has been forced to halt Bitcoin (BTC) withdrawals on its platform following a blocked transaction. The problem, which was initially supposed to be fixed within half an hour, has now been going on for more than three and a half hours and still does not appear to have been resolved.
Binance blocks Bitcoin withdrawals on its platform
Binance, the world’s largest exchange in terms of volume traded, appears to be experiencing difficulties with the Bitcoin (BTC) network. Indeed, since 2pm, BTC withdrawals via the network of the same name are completely stopped.
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.
– CZ Binance (@cz_binance) June 13, 2022
According to Changpeng Zhao, the CEO of Binance, this “blocked transaction” phenomenon should have been resolved within half an hour. At the time of writing, more than 3 hours later, the problem has still not been resolved.
Since then, the official Twitter account of the Binance platform has confirmed the CEO’s statement, indicating that the transaction in question was the result of “low transaction fees”. It should be noted that the withdrawal was only blocked on the Bitcoin network, and that it is still possible to withdraw this cryptocurrency via a network that meets BEP20 or ERC20 standards.
An official announcement was also made via the official Binance blog, promising a return to normal as soon as possible:
The Binance team is working on a solution to resume withdrawals on the Bitcoin (BTC) network soon. Binance will reopen withdrawals on the Bitcoin (BTC) network as soon as our withdrawal system is stable, and we will inform users in a separate announcement. “
An announcement of concern amidst uncertainty
While the market is undergoing very strong turbulence, especially due to BTC posting a worrying -23.6% over 7 days and -18.5% over the last 24 hours, concern within the crypto community is at its peak.
To better illustrate the state of the market, it may be interesting to note that over the last 24 hours, more than $1 billion of positions have been liquidated in the crypto ecosystem.
Following Binance’s announcement, many people drew parallels with the situation of the exchange Celsisus, which decided to stop withdrawals, swaps and transfers of crypto-currencies on its platform in order to “meet its long-term withdrawal obligations”.
The major exchanges are indeed often confronted with this kind of technical problem when market volatility is as high as it is at this time, especially when faced with an influx of small transactions that struggle to find their place in the blocks.
