- It took place May 7th and 8th
- The reason was a huge number of pending transactions
- Binance also noted the growth of commissions
This morning, May 8, Binance announced that it has suspended the withdrawal of BTC due to the huge number of pending transactions. This is the second such incident in a day. Prior to this, the exchange froze the withdrawal on Sunday, May 7, for two hours.
“Our team is working to resolve the issue and unfreeze BTC withdrawals as soon as possible. Rest assured, your assets are SAFU” – says in the new message of the exchange.
This “tweet” was published today, May 8, around 4 am Kyiv time. Three hours later, the company published a new message in which they commented on rumors of a significant outflow of funds.
Binance noted that the reason for them was the transfer of capital between hot and cold wallets due to address adjustments. And in fact, no one is emptying the accounts of the platform.
At the time of this writing, there is no further information on when the withdrawal will be unfrozen. Note that this is the second such case in less than a day.
Yesterday, May 7th, Binance also suspended BTC withdrawals, again citing network congestion. The reason was a huge number of incomplete transactions – more than 400 thousand. This exceeds bull runs in 2018 and 2021.
Transfer fees hit a two-year high of $8. This is more than 300% more than just a year earlier. Some experts attribute the jump in commissions, as well as the increase in online activity, to the popularization of the BRC-20 standard and its derivative products.
