Binance Pauses Withdrawals Twice In 24 Hours, Imposes Higher Transaction Fees Within 10 hours of resumption, on Monday, it announced it was temporarily closing its Bitcoin withdrawals due to a large pending transaction volume.
By Paromita Gupta •
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On Sunday evening, Binance, a global cryptocurrency exchange, took to Twitter to announce it was temporarily closing its Bitcoin withdrawal facilities due to large traffic. "Our team is currently working on a fix until the network is stabilized and will reopen $BTC withdrawals as soon as possible," the tweet also read.
The pause was resumed after two hours on Sunday and had a count of 400,000 unconfirmed Bitcoin transactions.
We've temporarily closed $BTC withdrawals as the #Bitcoin network is experiencing a congestion issue.
— Binance (@binance) May 7, 2023
Our team is currently working on a fix until the network is stabilized and will reopen $BTC withdrawals as soon as possible.
Rest assured, funds are SAFU.
Within 10 hours of resumption, on Monday, it announced it was temporarily closing its Bitcoin withdrawals due to a large pending transaction volume.
The exchange took to Twitter to share the notice and added that its "team is currently working on a fix and will reopen $BTC withdrawals as soon as possible."
The pause is the second in 24 hours since Sunday morning. The pending transactions were said to approach 500,000.
"Rest assured, funds are SAFU," the tweet also read.
The CZ-led venture cites its ignorance of the recent surge in Bitcoin network gas fees as the reason behind the halt. Two hours after the announcement, the exchange shared that they were replacing pending Bitcoin withdrawal transactions with higher fees and, three hours later, had resumed the withdrawals on its platform.
To prevent a similar recurrence in the future, our fees have been adjusted. We will continue to monitor on-chain activity and adjust accordingly if needed.
— Binance (@binance) May 8, 2023
Our team has also been working on enabling BTC Lightning Network withdrawals, which will help in such situations.
The price of Bitcoin is down by 2.19 per cent and is currently being traded at USD 28,293.23 at the time of publishing this article.
