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Due to 'Stuck On-Chain Transaction,'Binance has stopped BTC withdrawal

14-Jun-2022 By: Sudeep Saxena
Due to 'Stuck On-Cha

Due to a 'Stuck On-Chain Transaction,' 

Binance has put a halt to BTC withdrawals.

Binance, the world's largest cryptocurrency exchange, blocked withdrawals of BTC, on Monday.

Because of a "blocked on-chain transaction," Binance, the world's largest cryptocurrency exchange by volume, has placed Bitcoin withdrawals on hold for its users.

Although Binance CEO Changpeng "CZ" Zhao initially stated that the issue will be resolved in 30 minutes or less, he later stated that the exchange's remedy would take "a little longer" than the initial estimations. He emphasised that users' monies are "SAFE."

Users can still withdraw their Bitcoin via other networks, such as Ethereum or Binance's own BNB network, according to Binance's Twitter account, which stated that those blockchains were operational at the time of the message.

Following Zhao's first tweet, Binance issued a statement referring to a "batch of transactions" that couldn't be executed using Bitcoin, while Zhao singled out a single transaction early this morning.

Because the transactions were submitted with "minimal transaction fees," the transactions became blocked, resulting in a backlog of Bitcoin withdrawals.

Users will be allowed to withdraw their Bitcoin from Binance once the network's withdrawal system is "reliable" again, although the exchange has warned that some pending withdrawals may be refused. Users affected by the outage were urged to resubmit their orders once transactions resumed.

The revelation occurred in the midst of a market crisis that saw the total market cap of all cryptocurrencies fall below $1 trillion and Bitcoin plunge to levels not seen before 2020.

This isn't the first time Binance has taken down its exchange or suspended users' ability to perform cryptocurrency transactions.

Terra's LUNA and UST withdrawals were put on hold last month after both coins fell due to the depegging of Terra's UST stablecoin. Trading in both coins was suspended for three days before it was reopened.

Due to a massive backlog of transactions, the exchange briefly halted withdrawals for all cryptocurrencies on its platform in November 2021. The network was able to restart transactions after less than half an hour of downtime on that occasion.

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