Binance, the world’s largest cryptocurrency exchange by trading volume, has resumed withdrawals on its Bitcoin (BTC) network after a short pause early on Monday, according to an official statement. On Monday, Binance released a statement informing users that the platform had temporarily paused BTC withdrawals, with CEO Changpeng Zhao saying on Twitter that all user funds were “SAFU.” The problem was due to a stuck transaction causing a backlog. It was originally expected to be fixed in about 30 minutes. Minutes later, however, he said the issue was going to take a bit longer to resolve. 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 Reason Why Binance Halted BTC Withdrawals Zhao said that the funds are SAFU, referring to the Secure Asset Fund for Users emergency insurance fund that his exchange established four years ago. He further explained that the issue was only impacting the Bitcoin network. Bitcoin remained available to withdraw on other networks like BEP-20, he said. Binance blamed the suspension on an earlier batch of transactions getting stuck and causing a backlog of Bitcoin network withdrawals. The transactions became stuck because they were submitted to the exchange with low transaction fees, which resulted in the creation of a backlog of Bitcoin withdrawals. Howeve...
