Binance Halts Bitcoin Withdrawals Due to Network Congestion
In a recent tweet, Binance, one of the largest cryptocurrency exchanges in the world, announced the temporary closure of Bitcoin (BTC) withdrawals due to network congestion issues. The tweet stated that the Binance team is actively working on a solution to the problem and will reopen BTC withdrawals as soon as possible.
Our team is currently working on a fix until the network is stabilized and will reopen $BTC withdrawals as soon as possible.
Rest assured, funds are SAFU.
— Binance (@binance) May 7, 2023
CryptoQuant reported that Binance experienced significant fluctuations in their bitcoin balance today, including an outflow of 117,359 BTC, an inflow of 10,036 BTC, and another outflow of 40,184 BTC. Historically, such notable changes in balance are indicative of an internal wallet adjustment.
The Bitcoin network, which is the world’s largest and most popular cryptocurrency, has been facing an increase in congestion in recent times, leading to longer processing times and higher transaction fees. This has resulted in delays and inconvenience for users looking to transfer their Bitcoin from one account to another.
As a result, Binance has taken the step of temporarily halting BTC withdrawals to address the issue and ensure the safety and security of their users’ funds. Binance has assured its users that their funds are safe and secure and that they need not worry about any potential loss or theft of their assets.
Binance has a reputation for being a reliable and trustworthy cryptocurrency exchange, and its swift action to address the network congestion issue reflects its commitment to its users’ safety and security. The Binance team is working diligently to resolve the issue and restore normal operations for Bitcoin withdrawals as soon as possible.
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