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Bitcoin Withdrawals on Binance Have Been Restored

Binance, a cryptocurrency exchange site, resumed Bitcoin withdrawals on June 13 after a ‘short stoppage.’

Changpeng Zhao, the founder, and CEO of Binance, took to social media around 8 a.m. ET to say that the situation would be resolved in 30 minutes. Later, he stated that resolving the problem will take a little longer than anticipated. The break was three hours long.

According to a blog post on the company’s website, transactions were stalled due to the transient suspension because they were submitted to the exchange with ‘low transaction fees,’ producing a backlog of Bitcoin withdrawals.

Meanwhile, Zhao stressed that holders “may still withdraw Bitcoin on other networks like BEP-20” during the outage.

This comes after Bitcoin fell 6.4% to $25,593 on June 13, its lowest level since May 12, extending a seven-day losing streak. Ether dropped as much as 9% to $1,342.32.

In related news, Binance just received regulatory license from the French government, allowing it to expand its operations across Europe.

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