Major cryptocurrency exchange Binance has suspended withdrawals of Bitcoin (BTC) due to a backlog of transactions, according to its chief executive officer.
Changpeng Zhao tweeted today that BTC withdrawals from his exchange are “temporarily halted. According to the CEO, this is the result of a “backlog of business due to a trading hiatus. He continues to assure users that funds are “SAFU” or safe.
The CEO’s initial estimate was that the problem “should be resolved in about 30 minutes. However, about 20 minutes later, he added, “It may take longer to resolve.”
He further explained that “this will only affect the Bitcoin network” and that users can still withdraw BTC “on other networks like BEP-20.
Meanwhile, pseudonymous Terra researcher FatMan thinks it would be “nice to have a little more clarity in the information it gives.
“Not sure why no one has mentioned this, but Bitcoin doesn’t work that way,” the researcher tweeted, noting that Bitcoin doesn’t “require an iterative nonce” for every transaction like Ether (ETH) does. – Even if a transaction from the same address is stuck in the memory pool, you can spend the amount you entered.”