Bitcoin (BTC) withdrawals on Binance have once more been quickly shuttered because the crypto change claimed it was affected by a big backlog of pending withdrawals.
Binance tweeted on Could 8 that it closed off BTC withdrawals “quickly” as there was a “massive quantity of pending transactions.”
It added the transactions are nonetheless pending as its “set charges didn’t anticipate the latest surge in [Bitcoin] community fuel charges.”
There’s a massive quantity of withdrawal transactions from Binance nonetheless pending as our set charges didn’t anticipate the latest surge in $BTC community fuel charges.
Our crew is working to speed up the affirmation of all pending transactions.
We’ll present updates right here.
— Binance (@binance) Could 8, 2023
Earlier on Could 7, Binance additionally needed to quickly droop Bitcoin withdrawals, claiming there was an overflow of transactions on the blockchain.
On the time, the Bitcoin mempool had a backlog of round 400,000 transactions ready to be processed. That is now swelled to just about 485,000 in keeping with information from mempool.area.
A mempool is an space the place transactions on the Bitcoin community “wait” earlier than being verified by every blockchain node
The change stated it was “engaged on a repair” and withdrawals for the crypto could be again “as quickly as potential” and was working to “speed up the affirmation of all pending transactions.”
Cointelegraph contacted Binance for remark however didn’t instantly obtain a response.
This can be a growing story, and additional info will likely be added because it turns into accessible.
