Binance halts Bitcoin ( $77,631.00 ) withdrawals for the second time in 12 hours

Bitcoin ( $77,631.00 ) (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.

Our team is currently working on a fix and will reopen $BTC withdrawals as soon as possible.

Rest assured, funds are SAFU.

— Binance (@binance) May 8, 2023

Earlier on May 7, Binance also had to temporarily suspend Bitcoin ( $77,631.00 ) withdrawals, claiming there was an overflow of transactions on the blockchain.

At the time, the Bitcoin ( $77,631.00 ) 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 ( $77,631.00 ) 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.