Getting on a Bitcoin sell-off train has become a tough challenge for users of Binance, the world’s biggest crypto exchange. The trading platform has recently paused Bitcoin withdrawals, citing a “stuck on-chain transaction” as a reason for the decision.
The company’s announcement came on the same day that Bitcoin slumped below $25K for the first time since late 2020.
“Binance has temporarily paused #Bitcoin withdrawals on the $BTC network,” said. “Meanwhile, you can still withdraw BTC on other networks. This is due to a stuck on-chain transaction. Our team is currently working on a solution and will provide further updates soon.”
Binance’s CEO Changpeng Zhao initially tweeted that the issue should be fixed in “30 minutes” but later retracted the estimate and said, “it going to take a bit longer.” He also added that the funds are “SAFU,” meaning “secure asset fund for users.” SAFU is an emergency insurance fund that was established by Binance in July 2018 to protect users’ funds.
Bitcoin has had a rough start to the week, dipping from $30K on Friday to below $24K on Monday. The investors have been steering clear from riskier investments in recent months, causing a collapse in the crypto market.