Bitcoin (BTC) withdrawals on Binance have been as soon as once more quickly halted because the crypto change claimed it was affected by a big backlog of pending withdrawals.

Binance tweeted on Could 8 that it had “quickly” halted BTC withdrawals as a consequence of “a big quantity of pending transactions.”

Now we have quickly halted #BTC withdrawals because of the giant quantity of pending transactions.

Our workforce is presently engaged on a repair and can reopen $BTC withdrawals as quickly as attainable.

Relaxation assured the funds are SAFU.

— Binance (@binance) Could 8, 2023

On Could 7, Binance was additionally pressured to quickly droop bitcoin withdrawals as a consequence of an overflow of transactions on the blockchain.

At this level, the Bitcoin mempool had a backlog of round 400,000 transactions ready to be processed. In response to knowledge from mempool.house, that quantity has now grown to virtually 485,000.

Bitcoin mempool at 2:30am UTC on Could eighth. Supply: mempool.house

A mempool is an space the place transactions on the Bitcoin community “wait” earlier than being verified by every blockchain node

The change stated it was “engaged on a repair” and that payouts for the crypto would come again “as quickly as attainable.”

That is an evolving story and extra data will likely be added because it turns into out there.