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.