- Binance has resumed Bitcoin withdrawals on its trading platform.
- The exchange suspended withdrawals earlier today, citing congestion in the Bitcoin network.
- Binance’s Bitcoin wallets have seen an outflow of over 157,000 BTC in the past 24 hours.
Binance has resumed Bitcoin withdrawals on its platform, nearly two hours after the exchange suspended BTC withdrawals for its customers. The world’s largest crypto exchange cited congestion in the Bitcoin network earlier in the day when it halted Bitcoin withdrawals.
Binance Cold Wallets is seeing an outflow of over 157,000 BTC
Binance increased Twitter earlier today to inform its clients that they would not be able to withdraw their BTC from the trading platform after congestion in the Bitcoin network forced the crypto exchange to suspend BTC withdrawals. The tweet assured customers that their funds were safe on the platform and that a team was “working on a solution” in the meantime. Nearly two hours after Bitcoin withdrawals were paused, the exchange announced that the issues had been resolved and withdrawals had resumed.
The entire episode was widely criticized by crypto Twitter, with influencers, on-chain analysts and platform users lining up to question the exchange’s decision to suspend withdrawals. According to on-chain data collected by CryptoQuant, Binance’s Bitcoin balance saw significant changes earlier today. The exchange transferred a whopping 117,359 BTC from its cold wallet to a market wallet, followed by another out-transfer of 40,184 BTC, bringing the total outflow in the past 24 hours to more than 157,000 BTC ($4.55 billion).
The timing of Binance’s BTC withdrawal suspension was questioned by crypto Twitter, as it was enforced on the same day the crypto exchange moved billions of BTC. One user pointed out that Bitcoins came more from the exchange’s cold wallets than from the market wallet after the latter ran out of BTC supply. Binance has not provided any clarification on the BTC transfers.