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Binance Resumes Bitcoin Withdrawals After Pause

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Binance has resumed withdrawals of bitcoin (BTC) on its platform after temporarily halting it early Monday.

Techuncode had reported that Binance and Celsius halted bitcoin withdrawals and transfers.

It was following the crash down of crypto lender, Celsius.

With Celsius going the line of TerraUSD Stablecoin, investors became jittery and many panic-sold their crypto.

This further resulted in huge traders on the exchanges like Binance.

However, the world’s largest crypto exchange by trading volume, on Tuesday, said it has resumed Bitcoin withdrawals.

 According to a tweet from CEO Changpeng Zhao, Binance halted withdrawals “due to a stuck transaction causing a backlog.”

It was originally expected to be fixed in about 30 minutes, according to the tweet at 12:00 UTC. Minutes later, however, he said the issue was going to take a bit longer to resolve.

The Binance chief said the funds are SAFU, referring to the Secure Asset Fund for Users emergency insurance fund that his exchange established four years ago.

He further explained that the issue was only impacting the Bitcoin network.

Bitcoin remained available to withdraw on other networks like BEP-20, he said.

The Binance withdrawal pause comes close on the heels of crypto lending network Celsius announcing Sunday night that it was suspending withdrawals, which caused a further cascade lower in crypto prices, with bitcoin (BTC) on Monday morning trading below $24,000.

Anthony Chinonso Ogbonna is the editor of Techuncode media. He is a seasoned journalist whose stint cuts across broadcast, print and, especially, the online media. A graduate of Mass Communication from the University of Nigeria, Nsukka (UNN), Anthony holds a Masters Degree in Multimedia Journalism. He aligns his belief with those of world tech communities, holding tenaciously that the world is solely driven and can only be best with tech. Furthermore, Anthony believes that technology is simple, fun and is not what one, especially Africans, should be scared of, hence, his passion for telling compelling stories about tech in ways relatable to the ordinary user. He has his hobbies in reading and designing (new hobby though.)

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