{"id":49383,"date":"2023-05-08T05:38:50","date_gmt":"2023-05-08T09:38:50","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=49383"},"modified":"2023-05-08T05:38:54","modified_gmt":"2023-05-08T09:38:54","slug":"binance-halts-btc-withdrawals-twice-in-12-hours","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/binance-halts-btc-withdrawals-twice-in-12-hours\/","title":{"rendered":"Binance Halts BTC Withdrawals Twice in 12 Hours"},"content":{"rendered":"\n

Binance crypto exchange suspended Bitcoin withdrawals<\/a> for a second time on May 8, citing a significant volume of pending withdrawal requests.<\/p>\n\n\n\n

\"Binance
Binance Halts BTC Withdrawals Twice in 12 Hours<\/figcaption><\/figure>\n\n\n\n

Binance tweeted on May 8 that it had “temporarily” suspended BTC withdrawals due to a “large volume of pending transactions.”<\/p>\n\n\n\n

It added that the transactions were still pending because “set fees did not anticipate the recent surge in [Bitcoin] network gas fees.”<\/p>\n\n\n\n

\n

We've temporarily closed #BTC\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> withdrawals due to the large volume of pending transactions.

Our team is currently working on a fix and will reopen $BTC<\/use><\/svg><\/span><\/a> withdrawals as soon as possible.

Rest assured, funds are SAFU.<\/p>— Binance (@binance) May 8, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

Almost two hours after its initial tweet, the exchange provided an update stating that it was “replacing the pending [Bitcoin] withdrawal transactions with a higher fee so that mining pools pick them up.”<\/p>\n\n\n\n

Nearly three hours after its initial tweet, Binance announced that Bitcoin withdrawals had resumed and that pending transactions were being processed with increased transaction fees.<\/p>\n\n\n\n

It added that it was working to enable withdrawals through the Lightning Network<\/a>, which it claimed could mitigate future withdrawal halts.<\/p>\n\n\n\n

\n

$BTC<\/use><\/svg><\/span><\/a> withdrawals are now resumed on #Binance<\/use><\/svg><\/span><\/a>.

Pending transactions are being processed by replacing them with higher transaction fees.

We'll post another update once these pending transactions are all processed.<\/p>— Binance (@binance) May 8, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

On May 7, Binance temporarily suspended Bitcoin withdrawals, citing an influx of blockchain transactions. It reopened withdrawals after more than an hour and a half.<\/p>\n\n\n\n

The Bitcoin mempool had a backlog of approximately 400 thousand transactions, according to data from mempool. This number increased to roughly 485,000 during Binance's second withdrawal halt.<\/p>\n\n\n\n

\"\"
Bitcoin mempool on May 8. Source: Mempool Space<\/figcaption><\/figure>\n\n\n\n


A mempool is a location where Bitcoin network transactions “wait” before each blockchain node <\/a>verifies them.<\/p>\n\n\n\n

According to data from CryptoQuant, Binance saw substantial Bitcoin net negative outflows on May 7, with approximately 175,650 BTC worth roughly $4.95 billion leaving the exchange.<\/p>\n\n\n\n

Binance asserted that this discharge data represented Bitcoin transfers between its hot and cold wallets.<\/p>\n\n\n\n

According to recent data, the price of Bitcoin has dropped approximately 3.5% from its weekly peak of over $29,700 on May 6.<\/p>\n\n\n\n

\"\"
A seven-day chart showing over 175,650 BTC ($4.95 billion) of net negative flows (red) to Binance on May 7 as the price of Bitcoin (black line) dropped. Source:\u00a0CryptoQuant<\/use><\/svg><\/span><\/a><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

Binance crypto exchange suspended Bitcoin withdrawals for a second time on May 8, citing a significant volume of pending withdrawal requests. Binance tweeted on May 8 that it had “temporarily” suspended BTC withdrawals due to a “large volume of pending transactions.” It added that the transactions were still pending because “set fees did not anticipate […]<\/p>\n","protected":false},"author":12,"featured_media":49389,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83,32],"tags":[326,152,149,735,14396],"class_list":["post-49383","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","category-crypto-exchange-news","tag-binance","tag-bitcoin","tag-btc","tag-exchange","tag-mempool"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/05\/image-24.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/49383","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=49383"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/49383\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/49389"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=49383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=49383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=49383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}