Bitcoin network withdrawals have now resumed on Binance
Binance has announced that it had resumed Bitcoin withdrawals after more than three hours.
According to Binance processing Bitcoin network withdrawals within the few months following the resumption of activity. The platform declared on Monday that it had temporarily paused BTC withdrawals with CEO Changpeng Zhao saying on Twitter that all user funds were "SAFU"
Binance has temporarily paused #Bitcoin withdrawals on the $BTC network. Meanwhile, you can still withdraw BTC on other networks.— Binance (@binance) June 13, 2022
This is due to a stuck on-chain transaction. Our team is currently working on a solution and will provide further updates soon.
While BTC trading activity on Binance seems to have been restored withdrawals for users on Celsius have remained frozen since Sunday, when the platform announced action put it in a better position to honor, its withdrawal obligations.
The decision from two giant trading platforms to halt Bitcoin withdrawals came amid extreme volatility across the crypto market. The BTC price has fallen to levels not seen since December 2020 dipping under $23000 on Monday. The price of Ether (ETH) dropped to as low as $950 on Uniswap following a whale dumping 93,000 ETH within six hours.
Social media seem to be waiting for the other shoe to drop as it were among other major crypto have expressed concerns that Coinbase with its approx 98 million verified users could go offline amid market volatility or otherwise announce the suspension of withdrawals given the exchange history of outages.
With all the halts and posted stopped withdrawals. I’ll just assume @coinbase will just go down for a few hours per usual in meltdowns.— aresixtrades (@aresixtrades) June 13, 2022