Binance, the cryptocurrency exchange, has temporarily suspended Bitcoin withdrawals for the second time in 12 hours due to a large number of pending transactions. On May 8, Binance tweeted that it had halted BTC withdrawals and its team was working on a fix, and assured users that their funds were safe. This follows a similar incident on May 7, where Binance had to temporarily pause Bitcoin withdrawals due to a blockchain overflow of transactions. At that time, there were approximately 400,000 transactions waiting to be processed in the Bitcoin mempool, which has now increased to almost 485,000.
A mempool is an area where transactions on the Bitcoin network “wait” before being verified by each blockchain node. The increase in pending transactions has resulted in a delay in Bitcoin transactions, with users having to wait longer for their transactions to be confirmed. Binance’s decision to suspend Bitcoin withdrawals has likely caused inconvenience to its users who may have wanted to withdraw their Bitcoin holdings for various reasons. Binance is working on a solution and plans to resume Bitcoin withdrawals as soon as possible, and further information will be released as it becomes available.
