Binance resumes bitcoin withdrawal after second stoppage

08.05.2023

Binance resumed bitcoin withdrawals, citing congestion on the token blockchain due to two suspensions in less than 12 hours that had a negative impact on cryptocurrency markets.

Higher fees were applied to the pending transactions to be picked up by bitcoin miners, the computer installations that run the network. On Monday, withdrawals were not made for more than two hours in Asia.

Binance also suspended bitcoin withdrawals on Sunday for about 90 minutes, blaming congestion on the token’s blockchain.

Binance also used the cryptocurrency phrase “rest assured the funds are in SAFU” in its tweets, implying that customer funds are safe.

Last year’s collapse of cryptocurrencies and the bankruptcies of companies such as FTX undermined confidence in digital asset platforms, and skepticism continues to linger in the industry. Subsequently, Binance and competitors have redoubled their efforts to try to allay fears about whether they have enough reserves.