Binance halts Bitcoin withdrawals for the second time in 12 hours

Binance halts Bitcoin withdrawals for the second time in 12 hours



The crypto exchange said it temporarily closed BTC withdrawals due to a “large volume of pending transactions.”



Binance has once more temporarily stopped allowing users to withdraw bitcoins, blaming a massive backlog of outstanding withdrawal requests.



On May 8, Binance stated that it had "temporarily" stopped allowing BTC withdrawals due to a "large volume of pending transactions."



The firm's "set fees did not anticipate the recent increase in [Bitcoin] network gas fees," it said, adding that the transactions are still waiting.



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.



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