Crypto firm Binance paused withdrawals of Bitcoin (BTC) on Monday, claiming that a technical issue had left the company unable to process withdrawals as the crypto market suffered from a large-scale sell-off, bringing the value of Bitcoin to an 18-month low.
Binance said that the issue was attributable to a “stuck on-chain reaction,” which prevented Bitcoin withdrawals from being processed on the company’s servers.
“A batch of $BTC transactions got stuck due to low TX [transaction] fees, resulting in a backlog of BTC network withdrawals,” the company said in a tweet. “As a result, withdrawals on the Bitcoin network are temporarily suspended on Binance.”…