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- Binance has resumed Bitcoin withdrawals on its trading platform.
- The exchange suspended withdrawals earlier today, citing Bitcoin network congestion.
- Binance’s Bitcoin wallet has 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 cryptocurrency exchange cited congestion on the bitcoin network when it suspended bitcoin withdrawals earlier today.
Binance cold wallet outflow exceeds 157,000 BTC
Binance has taken Twitter Earlier today, it notified its customers that they would not be able to withdraw bitcoin from the trading platform after network congestion forced cryptocurrency exchanges to suspend bitcoin withdrawals. The tweet assured customers that their funds were safe on the platform while a team was “working hard to resolve the issue.” Nearly two hours after bitcoin withdrawals were suspended, the exchange announced that the issue had been resolved and withdrawals had resumed.
The entire incident drew a ton of criticism from Crypto Twitter, with influencers, on-chain analysts, and platform users lining up to question the exchange’s decision to suspend withdrawals.According to the collected data on the chain encryption quantization
, Binance’s Bitcoin balance made a significant change earlier today. The exchange moved a whopping 117,359 BTC from its cold wallet to market wallets, and subsequently transferred 40,184 BTC out, bringing the total outflow over the past 24 hours to more than 157,000 BTC ($4.55 billion).
BTC withdrawal suspension time Binance Given that it was executed on the same day a crypto exchange moved billions worth of bitcoins, it was questioned by Crypto Twitter. One user pointed out that after the latter’s BTC supply ran out, Bitcoin moved more from the exchange’s cold wallets to its market wallets. Binance did not say anything about the BTC transfer.
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