Binance Pauses Bitcoin Withdrawals, Blames Network Congestion

Hey Noobs

If you’re using a centralized or decentralized wallet you might have seen a notification on the bitcoin network

About the BTC congestion

While some wallets have increased their gas fees, Binance has only shut down withdrawal as a safety measure

Wonder if this was the right step?

Read more below 

Cryptocurrency exchange Binance temporarily paused Bitcoin withdrawals on its platform on Sunday, preventing the largest token by market cap from leaving the leading venue by trading volume.

Binance said its decision was based on congestion issues impacting Bitcoin’s network, adding that the exchange was “currently working on a fix” to reopen withdrawals “as soon as possible.”

During the outage, speculation about the cause was rampant on Crypto Twitter. One large Twitter Spaces conversation ran the gamut from Ordinal-focused technical theories to international political conspiracies.

Binance reported an hour later that Bitcoin withdrawals had resumed.

Bitcoin was slightly in the green as of this writing, up less than 1% to around $29,000, according to CoinGecko. Meanwhile, crypto exchange OKX said Bitcoin deposit and withdrawal services were working fine, despite high transaction costs.

What do you think?

Will this method actually secure funds?