Binance announced that $BTC withdrawals had been resumed, stating that the Bitcoin network was now stable. The tweet read: “$BTC withdrawals are now resumed on #Binance. Thank you for your patience and we apologize for any inconvenience
Cryptocurrency exchange Binance had announced the temporary closure of Bitcoin ($BTC) withdrawals due to congestion issues on the Bitcoin network. The exchange assured users that funds are safe and its team is working on a fix until the network is stabilized.
The Bitcoin network is designed to handle a limited number of transactions per second, and the congestion issues are a result of increased demand for transactions. This is a common problem in the cryptocurrency space, and developers are constantly working on solutions to increase transaction throughput on the network.