Binance suspends bitcoin withdrawals due to network congestion

 Binance explained that withdrawals will be disabled indefinitely, as long as the network remains congested.

 The largest exchange on the planet, Binance, has just announced that withdrawals for the Bitcoin network will be temporarily and indefinitely halted, due to the current congestion the network is experiencing.

 In a statement published on the afternoon of May 7, the Binance team explained that they are working on a solution while the network stabilizes. Likewise, they explain that there is no date to resume withdrawals, while the congestion continues.

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 Hourglass with digital blocks with bitcoin logo stacked in the background

 Bitcoin is congested and there are 300,000 pending transactions

 According to data from Mempool.space, the network is at its highest level of congestion in recent months, even reaching levels not seen since 2021, with an average speed of 200 sat/byte, around USD per transaction. . The current bottleneck is due to the BRC-20 token, a standard that uses the Ordinals protocol to issue Bitcoin tokens.

 Binance previously paused withdrawals.Information

 This report, while attracting attention, is quite special. In 2021, with bitcoin rallying to an all-time high above $69,000, Bitcoin suffered its worst congestion in history. However, so far, despite the situation, Binance has not made a decision to suspend bitcoin withdrawals from the platform.

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 For 2 years, the network remained uncongested. Source: YCharts.

 In 2021, a breach of the platform's withdrawal took place within hours, as reported by CriptoNoticias. The exchange claimed that it was a temporary glitch.

 Within the networks, several users commented on the situation, criticizing the news about Binance, which, although the Lightning network has been active for a while, has not yet been accepted by the exchange. As was the case with @BTCAndres, who criticized the exchange by commenting that “Binance knows nothing about the Lightning Network.”

 Currently, the exchange has not provided information on how long this measure will last and if the situation in the network worsens, what measures it will take.