Binance pauses bitcoin withdrawals citing large volumes

Binance halts Bitcoin withdrawals due to high number of transactions taking place simultaneously

Reuters May 08, 2023
Representations of cryptocurrencies are seen in front of displayed Binance logo in this illustration taken November 10, 2022. PHOTO: REUTERS

Cryptocurrency exchange Binance halted bitcoin withdrawals on Monday for the second time in a day, citing large volumes.

"Our team is currently working on a fix and will reopen (bitcoin) withdrawals as soon as possible," the company said in a tweet.

"There is a large volume of withdrawal transactions from Binance still pending as our set fees did not anticipate the recent surge in (bitcoin) network gas fees," Binance said, referring to payments made to cyrpto miners who process transactions on the blockchain.

Earlier in the day it had paused withdrawals for about an hour.

In March, Binance, the world's largest crypto exchange suspended deposits and withdrawals citing tech issues. Bitcoin was down about 1% to $28,191, its lowest in nearly a week.



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