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Binance Temporarily Halts Bitcoin Withdrawals Due to Traffic Jam on Network

Cointime Official

Binance, the largest crypto exchange in the world, has temporarily closed Bitcoin (BTC) withdrawals due to a high volume of pending transactions. The company announced the news on its official Twitter account, stating that its team is currently working on a fix and will reopen BTC withdrawals as soon as possible.

Despite the temporary closure, Binance reassured its users that their funds are safe. The move comes amid a major traffic jam on the Bitcoin network caused by an overwhelming number of unconfirmed transactions and a surge in minting and transferring of BRC20 tokens and Ordinal inscriptions.

Bitcoin Bitcoin $62,699.94
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