Binance pauses bitcoin withdrawals as crypto sell-off deepens

The logo of cryptocurrency exchange Binance displayed on a smartphone with the word “cancelled” on a computer screen in the background.

Budrul Chukrut | SOUP Images | LightRocket via Getty Images

Binance said Monday that it is temporarily pausing bitcoin withdrawals “due to a stuck transaction causing a backlog.”

At first, Binance founder and CEO Changpeng Zhao said in a tweet that the issue would be fixed within 30 minutes. But he later amended that to say, “Likely this is going to take a bit longer to fix than my initial estimate.” He added that, ”

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