cointelegraph.com
Bitcoin (BTC) withdrawals on Binance have again been temporarily shuttered as the crypto exchange claimed it was suffering from a large backlog of pending withdrawals.
Binance tweeted on May 8 that it closed off BTC withdrawals temporarily as there were a large volume of pending transactions.
We've temporarily closed #BTC withdrawals due to the large volume of pending transactions.
— Binance (@binance) May 8, 2023
Our team is currently working on a fix and will reopen $BTC withdrawals as soon as possible.
Rest assured, funds are SAFU.
Earlier on May 7, Binance also had to temporarily suspend Bitcoin withdrawals, claiming there was an overflow of transactions on the blockchain.
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.
A mempool is an area where transactions on the Bitcoin network wait before being verified by each blockchain node
The exchange said it was working on a fix and withdrawals for the crypto would be back as soon as possible.
This is a developing story, and further information will be added as it becomes available.