One of the Largest Cryptocurrency exchanges Binance has resumed its withdrawal service after a brief interruption that caused concern among traders and investors. The pause lasted for several hours and was due to technical issues faced by the exchanges.
This caused a minor panic in the crypto community, with many traders and investors concerned about the state of the market.
On May 7, 2023, Binance officially announced on Twitter that it has “temporarily closed $BTC withdrawals as the #Bitcoin network is experiencing a congestion issue.”
Later on May 8, 2023, Binance again suspended Bitcoin withdrawals stating that the suspension was due to “the large volume of pending transactions.” and that the exchange’s technical team was working to resolve the issue.
The exchange took to Twitter to inform its users of the situation, stating that the pause was necessary to “protect users from high fees during this period of congestion.”
According to blockchain data, the average gas fee for a Bitcoin transaction had surged to over 600 gwei, which is significantly higher than the usual 100 gwei. This has caused delays and disruptions in the network, causing concern among traders and investors.
This is not the first time that Binance has experienced issues with its withdrawal system. Last month, the exchange halted withdrawals for several hours due to a technical glitch.
The news of the suspension caused a minor stir in the crypto community, with some users expressing frustration at the lack of transparency from the exchange. The panic among users has caused Bitcoin’s price to drop more than 3.5% in the last 24 hours and currently trades at $28,211 with a market cap of $536 billion.
Despite the backlash, Binance announced on Twitter a few hours ago that it has resumed the Bitcoin withdrawals successfully, and many are breathing a sigh of relief. However, traders and investors are advised to exercise caution and keep a close eye on the situation as it develops.
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