‘Stuck Transaction’ Forces Binance to Pause BTC Withdrawals
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Binance, the world’s largest cryptocurrency exchange, on Monday temporarily paused Bitcoin withdrawals on its platform.
Binance founder and CEO Changpeng Zhao explained that “ a stuck transaction causing a backlog” necessitated the action.Zhao in an earlier post on Twitter had said that the issue will be cleared in 30 minutes but later announced that the impasse would take a bit longer to fix.The CEO, however, noted that a halt on withdrawals only affects the Bitcoin network.Zhao, who also pointed out that users can still withdraw BTC from other networks like BEP-20, noted that all users’ funds are in the Secure Asset Fund for Users (SAFU).
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
While the BEP-20 is a token standard deployed in creating tokens on the Binance Smart Chain, SAFU is an emergency insurance fund.
Binance established SAFU in July 2018 to protect users' funds.
Crypto Crash
Bitcoin slumped by 14% at the beginning of the new week. The cryptocurrency fell below $25,000. This plunge is the lowest since December 2020.
According to estimates, more than $200 billion was lost in the cryptocurrency market during the crash.
TIME reports that the fall follows the release of the May 2022 Consumer Price Index by the US Bureau of Labor Statistics
Over the past one day, other top cryptocurrencies have also slumped between 15-25%. These include Ethereum (ETH), Cardano (ADA), Solana (SOL) and Dogecoin (DOGGE).
Meanwhile, Zhao last week disclosed that Binance was after two licenses in the Philippines. These are the virtual asset service provider (VASP) and the electronic money issuer (EMI) licenses.
The US subsidiary of the exchange also recently launched a new staking platform, Binance.US Staking. Binance.US explained that the new staking platform comes with a 'auto-restake' feature and enables users to stake a selection of tokens.
“Multiple supported Proof-of-Stake cryptocurrencies are available immediately on Binance.US Staking, including Audius (AUDIO), Avalanche (AVAX), BNB, Cosmos (ATOM), Livepeer (LPT), Solana (SOL) and The Graph (GRT), with more supported tokens being added to the platform in the near future,” Binance said in a statement.
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