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Binance halts Bitcoin withdrawals for the second time in 12 hours

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Bitcoin (BTC) withdrawals on Binance have again been temporarily shuttered, with the crypto exchange claiming it was due to a large backlog of pending withdrawals.

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

It added the transactions are still pending, as its “set fees did not anticipate the recent surge in [Bitcoin] network gas fees.”

The exchange said it was “working on a fix,” and that withdrawals for Bitcoin would be back “as soon as possible.” It added it was working to “accelerate the confirmation of all pending transactions.”

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Earlier on May 7, Binance also had to temporarily suspend Bitcoin withdrawals, claiming there was an overflow of transactions on the blockchain. It reopened withdrawals over 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’s now swelled to nearly 485,000, according to data from mempool.space.

Bitcoin mempool at 2:30 am UTC on May 8. Source: Mempool Space

A mempool is an area where transactions on the Bitcoin network “wait” before being verified by each blockchain node.

Cointelegraph contacted Binance for comment but did not immediately receive a response.

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Update (May 8, 2:43 am UTC): This article has been updated with additional information from Binance on why it suspended withdrawals.