Bitcoin (BTC) withdrawals on Binance were once again temporarily closed as the crypto exchange claimed it was due to a large number of pending withdrawals.
On May 8, Binance tweeted that it had “temporarily” closed BTC withdrawals due to a “large volume of pending transactions”.
It added that the transactions were still pending because its “set fees did not anticipate the recent increase [Bitcoin] mains gas charges.”
There is still a large volume of withdrawals from Binance as our set fees did not anticipate the recent increase $BTC network gas charges.
Our team is working to expedite the confirmation of all pending transactions.
We will provide updates here.
— Binance (@binance) May 8, 2023
The exchange said it was “working on a fix” and bitcoin withdrawals would be back “as soon as possible.” He added that he was working to “accelerate the confirmation of all pending transactions.”
Earlier on May 7, Binance also had to temporarily suspend Bitcoin Withdrawals Claiming There Is A Transaction Overflow On The Blockchain. She reopened the withdrawals more than an hour and a half later.
At the time, the Bitcoin mempool had a backlog of around 400,000 transactions waiting to be processed. That has now risen to nearly 485,000, according to the data data from mempool.space.
A mempool is an area where transactions on the Bitcoin network “wait” to be verified by each blockchain node.
Cointelegraph reached out to Binance for comment, but did not immediately receive a response.
Update (May 8, 2:43 UTC): This article has been updated with additional information from Binance on why it suspended withdrawals.
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