{"id":11875,"date":"2023-05-08T04:12:50","date_gmt":"2023-05-08T04:12:50","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=11875"},"modified":"2023-05-08T04:12:51","modified_gmt":"2023-05-08T04:12:51","slug":"binance-halts-bitcoin-withdrawals-for-the-second-time-in-12-hours","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11875","title":{"rendered":"Binance halts Bitcoin withdrawals for the second time in 12 hours"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>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. <\/p>\n<p>Binance tweeted on May 8 that it closed off BTC withdrawals \u201ctemporarily\u201d as there was a \u201clarge volume of pending transactions.\u201d<\/p>\n<p>It added the transactions are still pending, as its \u201cset fees did not anticipate the recent surge in [Bitcoin] network gas fees.\u201d<\/p>\n<p lang=\"en\" dir=\"ltr\">There is a large volume of withdrawal transactions from Binance still pending as our set fees did not anticipate the recent surge in $BTC network gas fees.<\/p>\n<p>Our team is working to accelerate the confirmation of all pending transactions.<\/p>\n<p>We&#8217;ll provide updates here.<\/p>\n<p>\u2014 Binance (@binance) May 8, 2023<\/p>\n<p>The exchange said it was \u201cworking on a fix,\u201d and that withdrawals for Bitcoin would be back \u201cas soon as possible.&#8221; It added it was working to \u201caccelerate the confirmation of all pending transactions.\u201d<\/p>\n<p>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. <\/p>\n<p>At the time, the Bitcoin mempool had a backlog of around 400,000 transactions waiting to be processed. That&#8217;s now swelled to nearly 485,000, according to data from mempool.space.<\/p>\n<p><em>Bitcoin mempool at 2:30 am UTC on May 8. Source: Mempool Space<\/em><\/p>\n<p>A mempool is an area where transactions on the Bitcoin network \u201cwait\u201d before being verified by each blockchain node.<\/p>\n<p>Binance saw significant Bitcoin net negative outflows on May 7 with around 175,650 BTC worth around $4.95 billion flowing from the exchange on the day according to data from CryptoQuant.<\/p>\n<p>The price of Bitcoin has also fallen around 3.5% from its weekly high of over $29,700 on May 6, as per Cointelegraph data. <\/p>\n<p><em>A seven-day chart showing over 175,650 BTC ($4.95 billion) of net negative flows (red) to Binance on May 7 as the price of Bitcoin (black line) dropped. Source: CryptoQuant<\/em><\/p>\n<p>Cointelegraph contacted Binance for comment but did not immediately receive a response.<\/p>\n<p><strong><em>Magazine: Joe Lubin \u2014 The truth about ETH founders split and \u2018Crypto Google\u2019<\/em><\/strong><\/p>\n<p class=\"post-content__disclaimer\">Update (May 8, 2:43 am UTC): This article has been updated with additional information from Binance on why it suspended withdrawals.<\/p>\n<p class=\"post-content__disclaimer\">Update (May 8, 3:35 am UTC): This article has been updated with Bitcoin price data and net outflow data from CryptoQuant.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/binance-halts-bitcoin-withdrawals-for-the-second-time-in-12-hours\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 \u201ctemporarily\u201d as there was a \u201clarge volume of pending transactions.\u201d It added the transactions are still pending, as its [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11876,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-11875","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11875","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11875"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11875\/revisions"}],"predecessor-version":[{"id":11877,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11875\/revisions\/11877"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11876"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11875"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11875"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}