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Binance pauses BTC withdrawals, Celsius platform halts all withdrawals as Bitcoin tumbles

Tanja Nechet

News editor

Jun 13, 2022 at 04:41

Bitcoin is falling deeper and deeper, with altcoins following suit. The value of BTC fell to $23,000 on 13 June. This is the lowest price in 18 months. Amid the collapse in the crypto market, Celsius Network halts all withdrawals, swaps, and transfers between accounts.

“Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations. Acting in the interest of our community is our top priority. In service of that commitment and to adhere to our risk management framework, we have activated a clause in our Terms of Use that will allow for this process to take place. Celsius has valuable assets, and we are working diligently to meet our obligations,” — says a company statement.

Following this, cryptocurrency exchange service Binance temporarily paused Bitcoin withdrawals on the $BTC network. But users still can withdraw BTC on other networks.

“A batch of BTC transactions got stuck due to low TX fees, resulting in a backlog of BTC network withdrawals. As a result, withdrawals on the Bitcoin network are temporarily suspended on Binance. BTC withdrawals on other networks (BEP20 & ERC20) remain open as normal,” — message says.

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Amidst this information, the market capitalization of Celsius decreased to $49,489,508 (-48%). CEL is down 46.7%, continuing its decline since the beginning of the year. The cryptocurrency was trading at $0.2082, down from $4.45 at the start of the year.

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