Binance Resumes Bitcoin Withdrawals Following Alleged Network Backlog

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After a brief and jarring freeze of funds on Binance, users may once again withdraw their Bitcoin from the exchange. However, users with pending withdrawals from before the pause will have to resubmit their requests.

  • In a tweet on Monday morning, Binance announced that Bitcoin withdrawals on the Bitcoin network were temporarily suspended. This was reportedly due to a “stuck on-chain transaction,” which the exchange needed to actively solve.
  • The event caused a stir among the crypto community, who were reeling from the crypto market’s latest collapse to December 2020 lows. Recent events surrounding Celsius network also contributed, after it was forced to indefinitely suspend user withdrawals.
  • Only the Bitcoin network specifically was impacted by the freeze. Bitcoin derivatives (ex. Wrapped Bitcoin) trading on other networks were still retrievable.
  • As of 11:30am EST, Bitcoin withdrawals from the exchange were brought back online.
  • The recovery was relatively quick compared to Dogecoin withdrawal issues that the exchange faced months ago. Due to a reported “combination of unlikely factors,” Binance had to rebuild its Doge wallet from scratch. This took a month to fix.
  • The delay even invoked the ire of Dogecoin fanatic Elon Musk, who traded barbs with CEO Zhao on the issue.
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