Binance halts Bitcoin withdrawals for the second time in 12 hours

Bitcoin (BTC) withdrawals on Binance have again been temporarily shuttered, with the crypto exchange declaring it was because of a large backlog of pending withdrawals. Binance tweeted on May 8 that it shut off BTC withdrawals “temporarily” as there was a “big volume of pending deals.” It included the transactions are still pending, as its “set fees did not prepare for the recent surge in [Bitcoin] network gas charges.” There is a large volume of withdrawal transactions from Binance still pending as our set charges did not anticipate the current surge in $BTC network gas fees.Our team is working to accelerate the confirmation of all pending transactions.Well offer updates here.– Binance (@binance) May 8, 2023

The exchange said it was “working on a fix,” which withdrawals for Bitcoin would be back “as soon as possible.” It included it was working to “accelerate the verification of all pending deals.”Earlier on May 7, Binance likewise needed to temporarily suspend Bitcoin withdrawals, claiming there was an overflow of transactions on the blockchain. It resumed withdrawals over a half and an hour later on. At the time, the Bitcoin mempool had a stockpile of around 400,000 transactions waiting to be processed. Thats now swelled to nearly 485,000, according to data from mempool.space.Bitcoin mempool at 2:30 am UTC on May 8. Source: Mempool SpaceA mempool is an area where transactions on the Bitcoin network “wait” prior to being validated by each blockchain node.Cointelegraph contacted Binance for remark however did not immediately receive a response.Magazine: Joe Lubin– The reality about ETH founders divided and Crypto GoogleUpdate (May 8, 2:43 am UTC): This article has actually been updated with additional info from Binance on why it suspended withdrawals.