Why Binance Paused Bitcoin Withdrawals

The world’s apex crypto exchange Binance has announced via a series of tweets that it has temporarily paused Bitcoin withdrawals on the Bitcoin network.

Binance attributed the pause in withdrawals to a stuck on-chain transaction.

Users will still be able to withdraw Bitcoin on other networks, Binance announced.

Binance added that only the Bitcoin network is affected by the stuck on-chain transactions.

Binance’s pause in Bitcoin withdrawal comes at a time when the crypto market is at its bearish best as Bitcoin reached an 18-month low and the crypto market cap fell below $1trillion.