Binance, the world’s largest crypto exchange by trading volume, has resumed withdrawals on its Bitcoin (BTC) network after a short pause early on Monday, according to an official statement.
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- On his verified Twitter handle, CEO Changpeng Zhao said the issue was due to a “stuck transaction causing a backlog.”
- The issue was resolved in three hours compared to Zhao’s initial estimate of about half an hour.
- This comes as withdrawals surged amid the slump in crypto prices, with Bitcoin trading below US$24,000 on Monday for the first time since December 2020.
- Crypto lending network Celsius also paused user withdrawals on Monday, in addition to swaps and transfers, causing a further downturn in crypto prices.
- Binance’s official Twitter account said other networks for withdrawing BTC were available during the network outage and that the platform is ensuring the same won’t happen again.
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