Due to a significant number of pending transactions, the cryptocurrency exchange “Binance” has announced a temporary closure of BTC withdrawals. Binance, the crypto exchange, has suspended Bitcoin (BTC) withdrawals temporarily, citing a significant backlog of pending transactions.

According to a tweet by Binance on May 8, the suspension was due to a large volume of pending transactions. The transactions are still pending because the platform’s set fees did not anticipate the recent surge in Bitcoin network gas fees.

Currently, data from mempool.space indicates that the number of transactions waiting to be processed in the Bitcoin mempool has increased from around 400,000 at the time to almost 485,000.

A mempool serves as a temporary storage area for pending transactions on the Bitcoin network before each blockchain node can verify them. The exchange has acknowledged the issue and has stated that they are currently “working on a fix” to resolve it.

They have also assured users that withdrawals for the affected cryptocurrency will be restored “as soon as possible” and that they are taking steps to expedite the confirmation of all pending transactions.