The logo of cryptocurrency exchange Binance displayed on a smartphone with the word “cancelled” on a computer screen in the background.
Budrul Chukrut | SOPA Images | LightRocket via Getty Images
Binance on Monday morning temporarily paused bitcoin withdrawals “due to a stuck transaction causing a backlog.”
A tweet from Binance founder and CEO Changpeng Zhao noting the issue came at 8 a.m. ET, at which point Zhao said the problem would be resolved in around 30 minutes. He later said it would take “a bit longer to fix than [his] initial estimate.”
Binance said in a tweet at 11:32 a.m. on Wall Street that bitcoin withdrawals had resumed.
While the issue hit Binance, Zhao said in a tweet that holders “can still withdraw Bitcoin on other networks like BEP-20.”
“Funds are SAFU,” he added. The acronym stands for “secure asset fund for users,” which is a fund the company established in 2018 to help safeguard users.
The company said the issue was thanks to a “stuck on-chain transaction.”
“A batch of $BTC transactions got stuck due to low TX fees, resulting in a backlog of BTC network withdrawals,” Binance said in a tweet.
The largest cryptocurrency has been hit by macroeconomic concerns, including rampant inflation.
Binance is the world’s largest crypto exchange. The company handles spot trading volumes of more than $14 billion and nearly $50 billion in derivatives volume in a single day, according to data from CoinGecko.
— CNBC’s Ryan Browne contributed reporting.
Correction: Binance said it was temporarily pausing bitcoin withdrawals “due to a stuck transaction causing a backlog.” The headline on an earlier version misstated the quote.