Binance Again Temporarily Closes Bitcoin Withdrawals

On May 8th, Binance, one of the world’s largest cryptocurrency exchanges, temporarily halted bitcoin withdrawals due to a large volume of pending transactions. At the same time, Binance conducted a cold wallet arrangement that involved moving over 150,000 bitcoins.

In a statement released by the company, it was revealed that the team is working on a fix and will reopen BTC withdrawals as soon as possible. However, funds are said to be safe

According to Binance’s Proof of Reserve (POR), the current user assets on the exchange are 541,000 BTC, while the internal assets stand at 643,000 BTC.

The company has experienced a surge in the number of withdrawal transactions in recent times, leading to a backlog of pending transactions. Binance’s set fees did not anticipate the increase in BTC network gas fees, which has made it difficult to confirm all the pending transactions.