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.

Other Questions People Ask

What caused Binance to halt Bitcoin withdrawals for the second time in 12 hours?

Binance halted Bitcoin withdrawals for the second time in 12 hours due to a significant backlog of pending transactions. The exchange cited that their set fees were not prepared for the recent surge in Bitcoin network gas charges, leading to an overflow of transactions. As a result, they temporarily suspended withdrawals to manage the situation effectively and ensure all pending transactions could be processed.

How long did Binance suspend Bitcoin withdrawals during the recent incidents?

During the recent incidents, Binance first suspended Bitcoin withdrawals on May 7 and resumed them approximately 30 minutes later. However, just a day later, on May 8, they had to halt withdrawals again due to a larger backlog, which had grown to nearly 485,000 pending transactions. The exchange is actively working to resolve these issues and aims to restore normal operations as soon as possible.

What is the Bitcoin mempool and how does it relate to Binance's withdrawal issues?

The Bitcoin mempool is a space where transactions wait before being validated by blockchain nodes. During the recent withdrawal halts, the mempool was overwhelmed with around 485,000 transactions, which contributed to Binance's decision to temporarily suspend withdrawals. This backlog indicates that the network was experiencing high demand, and Binance needed to pause withdrawals to manage the situation effectively.

What updates did Binance provide regarding the Bitcoin withdrawal situation?

Binance communicated that they were working on a fix for the withdrawal issues and aimed to resume Bitcoin withdrawals as soon as possible. They acknowledged the large volume of pending transactions and stated that their team was focused on accelerating the confirmation process for these transactions. Users were encouraged to stay updated through Binance's official channels for further information.

What should users do if their Bitcoin withdrawal is still pending on Binance?

If users find that their Bitcoin withdrawal is still pending on Binance, they should remain patient as the exchange works through the backlog of transactions. Binance has indicated that they are actively addressing the situation and are committed to processing all pending withdrawals. Users can check for updates directly from Binance's official communications or their account dashboard for any changes regarding their transaction status.