Binance Halts Bitcoin Withdrawals ‘Due to Stuck Transactions’

Binance, the world’s largest exchange, is pausing its Bitcoin (BTC) withdrawals today, June 13, due to a backlog caused by a stuck transaction.

The announcement was made by Binance’s CEO, Changpeng Zhao, through his Twitter account. He says that the issue is already being addressed and that it “should be fixed in 30 minutes.”

The CEO, also known as CZ, assures that all funds in the exchange are safe and that he will share updates with the crypto community.

Zhao’s assurance seems to be heeded by the crypto-Twitter community, with users telling the CEO and Binance to take their time to deal with the backlog. Meanwhile, a user with a Twitter handle, Tajo Crypto, commended Zhao’s immediate update to the community, saying, “CZ and Binance always updating [its] users promptly. Great customer experience.”

Despite Zhao’s commitment, some members still appear to be in a panic, with one sharing a meme of an in-denial cartoon character inside of a burning house.

Meanwhile, other users are seen suggesting some updates for Binance, such as disabling the sell button and canceling shorting and selling options.

This update comes on the heels of Bitcoin, the most popular cryptocurrency, plummeting below $25,000. BTC’s 12.03% dip in the past 24 hours has caused the whole crypto market to bleed red.

Regardless of the current bear market, user Syed Raza Shah replied to Zhao’s BTC withdrawal update with optimism.

It’s been pretty crazy the last few weeks in the markets. But even at that, opportunities abound. Success is rarely a straight, even road. You will experience bumps along the way. Be patient and let the market do its thing.

At press time, BTC trades at $24,140, with a 24-hour trading volume of over $61.9 billion. Its price is down by 23% in the past week.