Binance suspends withdrawal of customer funds

05/30/2023

1 minute read

2023.05.08 00:20

By Kristina Sobol

Budrigannews.com – The crypto exchange announced the temporary closure of the BTC withdrawal due to the large volume of unfinished transactions.

The withdrawal of bitcoin to Bitcoin was again suspended temporarily, and the crypto exchange stated that this was due to a large number of incomplete operations for the removal of funds.

On Twitter on May 8, Binapse wrote that he stopped withdrawing BTC because there was a large number of unfinished transactions.

He added that transactions are still being considered, since the fees set for him did not expect an increase in the cost of gas in the bitcoin network.

The exchange stated that they are working on a fix, and withdrawals in bitcoin will resume as soon as possible.

She added that she is trying to speed up the confirmation of all alleged transactions, earlier on May 7, Binance was forced to temporarily stop withdrawing bitcoin, saying that blockchain transactions are overflowing. She resumed the withdrawal of funds after more than an hour and a half.

At that time, the bitcoin emulator accumulated about 400 thousand transactions waiting to be processed. Now, according to mempool.space, this indicator has increased to almost 4805 thousand.

A sample is a place where transactions in the Bitcoin network are expected before each blockchain is verified.

On May 7, a significant net negative outflow of bitcoin was observed on the Binapse: according to the Crypto Account, about 175650 bitcoins worth about $ 4.95 billion were withdrawn from the exchange during the day.

According to Bloomberg, bitcoin has also declined by about 3% with a weekly maximum price of more than $29700, reaching a maximum of more than $29700 on May 6.