Binance Resumes Bitcoin Withdrawals After Hours-Long Freeze

The pause was due to a "stuck" transaction.

Alexandra Garrett Associate Editor

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Alexandra Garrett

June 13, 2022 9:07 a.m. PT

Binance is pausing bitcoin withdrawals.

Photo Illustration by Sheldon Cooper/SOPA Images/LightRocket via Getty Images)

Binance, one of the world's largest cryptocurrency exchanges, has resumed bitcoin withdrawals after temporarily pausing them on Monday due to a "stuck on-chain transaction."

Changpeng Zhao, Binance's founder and CEO, initially said that the issue would be fixed within 30 minutes. He later changed that estimate in a tweet this morning, noting that it was going to take longer to fix. The issue only impacted the bitcoin network and has since been resolved.

This is only impacting the Bitcoin network. You can still withdraw Bitcoin on other networks like BEP-20.
Likely this is going to take a bit longer to fix than my initial estimate. More updates soon. Thanks for your patience and understanding🙏
— CZ 🔶 Binance (@cz_binance) June 13, 2022

The pause comes as the cryptocurrency market drops under $1 trillion for the first time since February 2021. During the drop, bitcoin has fallen below $24,000 for the first time since December 2020. Celsius, a major crypto lender company, also froze withdrawals and transfers over the weekend.