{"id":18499,"date":"2023-05-08T02:53:00","date_gmt":"2023-05-08T02:53:00","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/binance-halts-bitcoin-withdrawals-for-the-second-time-in-12-hours\/"},"modified":"2023-05-08T02:53:02","modified_gmt":"2023-05-08T02:53:02","slug":"binance-halts-bitcoin-withdrawals-for-the-second-time-in-12-hours","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/binance-halts-bitcoin-withdrawals-for-the-second-time-in-12-hours\/","title":{"rendered":"Binance halts Bitcoin withdrawals for the second time in 12 hours"},"content":{"rendered":"
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Bitcoin (BTC) withdrawals on Binance have again been temporarily shuttered as the crypto exchange claimed it was suffering from a large backlog of pending withdrawals. <\/p>\n

Binance tweeted on May 8 that it closed off BTC withdrawals “temporarily” as there was a “large volume of pending transactions.”<\/p>\n

It added the transactions are still pending as its “set fees did not anticipate the recent surge in [Bitcoin] network gas fees.”<\/p>\n

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There is a large volume of withdrawal transactions from Binance still pending as our set fees did not anticipate the recent surge in $BTC<\/a> network gas fees.<\/p>\n

Our team is working to accelerate the confirmation of all pending transactions.<\/p>\n

We’ll provide updates here.<\/p>\n

\u2014 Binance (@binance) May 8, 2023<\/a><\/p><\/blockquote>\n

Earlier on May 7, Binance also had to temporarily suspend Bitcoin withdrawals, claiming there was an overflow of transactions on the blockchain. <\/p>\n

At the time, the Bitcoin mempool had a backlog of around 400,000 transactions waiting to be processed. That’s now swelled to nearly 485,000 according to data from mempool.space.<\/p>\n

Bitcoin mempool at 2:30 am UTC on May 8. Source: mempool.space<\/em><\/figcaption><\/figure>\n

A mempool is an area where transactions on the Bitcoin network “wait” before being verified by each blockchain node<\/p>\n

The exchange said it was “working on a fix” and withdrawals for the crypto would be back “as soon as possible” and was working to “accelerate the confirmation of all pending transactions.”<\/p>\n

Cointelegraph contacted Binance for comment but did not immediately receive a response.<\/p>\n

This is a developing story, and further information will be added as it becomes available.\n<\/p>\n<\/div>\n