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.