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Binance has suspended withdrawals on the Bitcoin network

Andy Vilchez
3 min read
Binance has suspended withdrawals on the Bitcoin network – Cryptocurrencies
Binance has suspended withdrawals on the Bitcoin network this Monday.

This Monday, one of the most popular cryptocurrency exchanges in the world, Binance, has reported that it would temporarily suspend withdrawals through the Bitcoin network. The announcement has been made through its official Twitter account and has caught its users off guard.

After the fall that bitcoin has had this Monday to less than 25,000 dollars, now this suspension is added.

Changpen Zhao, CEO of Binance spoke on his Twitter account and notified that the measure was due to a failure in the platform. Although he assured that the problem would be solved in 30 minutes, after several hours of the tweet, the platform still does not process withdrawals in the Bitcoin network.

Tweet del comunicado de Changpen Zao.

What is known about the flaw in the platform?

Binance has suspended withdrawals on the Bitcoin network – Cryptocurrencies
The failure is due to a “jam” in the network.

According to the information that Binance has published, through its social networks, there would have been a failure in a batch of transactions that got "stuck". This backlog is due to a drop in fees, which caused withdrawals to pile up.

They have also announced that the team is working hard to find a solution as soon as possible. And it is that the intention of the company was to re-enable withdrawals in a few minutes.

In addition, the company reported that withdrawals would be restored once the system has stabilized. The start of operations on the bitcoin network would be announced in a timely manner.

As we already mentioned, at the time of writing this note, operations on said network have not yet been enabled again. Of course, this has caused discomfort in many users who cannot move their money.

What to do about this situation?

If you are one of the people who have tried to withdraw through the Bitcoin network and have not been able to, it is important that you take into account some things:

  • Keep calm, your money is safe and as soon as the problem is fixed, withdrawals will be active again.

  • Withdrawals made while the glitch is present are likely to be declined once it is active again.

  • If your withdrawal is declined, don't worry, the money will return to your wallet and you can do it again.

  • It is still possible to move BTC and other cryptocurrencies through one of the other networks that Binance manages.