Binance Reopens Bitcoin Withdrawals – The world’s largest crypto exchange restarts Bitcoin withdrawals after pausing it for the second time. On May 8, Binance announced via its Twitter page that it has temporarily closed Bitcoin withdrawals citing 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.
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— Binance (@binance) May 8, 2023
Bitcoin withdrawals were paused twice on Sunday due to a high number of unconfirmed transactions. The first time was in the afternoon, and the second time was in the evening U.S. time. Both pauses lasted around 2 hours.
However, withdrawals have resumed but with a higher transaction fee. In a tweet thread, Binance made it known that it has adjusted its trading fees.
$BTC withdrawals are now resumed on #Binance.
Pending transactions are being processed by replacing them with higher transaction fees.
We'll post another update once these pending transactions are all processed.
— Binance (@binance) May 8, 2023
“To prevent a similar recurrence in the future, our fees have been adjusted. We will continue to monitor on-chain activity and adjust accordingly if needed.”
Furthermore, it also said that the team has been taking measures by working to enable BTC Lightning Network withdrawals. The pause impacted negatively the price of Bitcoin. It saw Bitcoin’s price drop about 1% to $28,162. This was its lowest in nearly a week.
Binance said in a tweet, “Our set fees did not anticipate the recent surge in (bitcoin) network gas fees,” “We’re replacing the pending Bitcoin withdrawal transactions with a higher fee so that they get picked up by mining pools.”
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When the second pause started, the number of pending transactions on the platform approached 500,000. Meanwhile, during the first pause, the number of unconfirmed transactions was about 400,000.
Recall that in March, Binance similarly paused deposits and withdrawals pointing to technical issues. The team further said in a tweet that they are learning from the experience and will work harder to prevent similar occurrences in the future, “This is a learning opportunity for us and we’ll do our best to prevent this from happening again.”
Bitcoin price today
According to live data from CoinMarketCap, the price of Bitcoin today is $27,896.54 USD with a steady decline of about 3.66% in the last 24 hours. Bitcoin is ranked #1 on the CoinMarketCap chart with a live market cap of $540,279,380,725 USD.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.