Binance Temporarily Blocks Bitcoin Withdrawals Over Backlog

Binance Temporarily Blocks Bitcoin

Cryptocurrency exchange Binance has temporarily halted bitcoin withdrawals due to a backlog in transactions.

The exchange’s co-founder Changpeng Zhao has noted that the position only affects the bitcoin network, saying that customers could still use other networks like the BEP20.

CZ says that the funds are safe, with a follow-up post pointing out that the challenge could take longer to solve than originally estimated. Binance platform has confirmed the CZ tweet saying that ‘stuck on-chain transactions’ was to blame for the inconvenience.

Other users have reportedly cited that the matter could have been solved with the Lightning network adding to further speculations on the same.

Binance is yet to meet the pace of Lightning integration compared to its peers, including FTX. FTX recently announced that it would allow developers to integrate the layer-2 protocol. Kraken is another exchange which recently enabled support for customer withdrawals from accounts.

The news comes as bitcoin dropped over 10% in the past 24 hours to trade under $24,000 amid a market-wide bearish sentiment.

Source: Twitter

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