Binance briefly suspends Bitcoin withdrawals, resumes after 3 hours

Binance CEO Changpeng ‘CZ’ Zao had recently tweeted that the crypto exchange had put a temporary pause on Bitcoin withdrawals on Binance.

Binance explained that this was due to a stuck transaction which had caused a backlog. They also further stated that only the Bitcoin network had been impacted and that users could still withdraw their Bitcoin using other networks like BEP-20 or ERC20.

According to Zhao, “Funds are SAFU”. SAFU being slang in the crypto space and a play on the word safe. It could also denote Binance’s trading protection fund, the Secure Asset Fund for Users (SAFU).

https://twitter.com/cz_binance/status/1536317704990208000

As of writing, Binance has announced that withdrawals on the Bitcoin network have resumed but are still working on pending BTC network withdrawals. Zhao has also stated that its team of developers is working on a way to avoid the same incident moving forward.