Binance Suspends Bitcoin Withdrawals Again: Frustrated Users Slam the Exchange

Cryptocurrency exchange Binance (Binance) once again suspended bitcoin withdrawals this morning (8). Since the same situation occurred the night before, the package was issued again in less than 24 hours, causing a large number of dissatisfied users, who flooded into the official Twitter The account roared with anger, “Bouncing again”, “If the funds are safe, how can you not allow withdrawals”, “What a coincidence, it happens that withdrawals are suspended when the currency price falls.”

Binance tweeted at around 9am this morningpointed outdue to the accumulation of a large number of unprocessed bitcoin transactions on the platform, the bitcoin withdrawal service has been suspended. The team is currently doing its best to repair and will resume withdrawal as soon as possible, emphasizing that “user funds are safe and sound.”

After about two and a half hours, Binance finally resumed the bitcoin withdrawal service. At present, deposits and withdrawals are completely normal, and pending transactions are being replaced and processed with higher transaction fees.

Binance stated that in order to prevent similar situations from happening again, the team has adjusted network fees and is working hard to enable Lightning Network withdrawals.

Prior to this, Binance once shut down bitcoin withdrawals for up to 2 hours at around 11:00 p.m. yesterday (7). User assets withdraw lost funds.

In this regard, many netizens ridiculed that Binance actually felt that the transaction fee of Bitcoin was too high and was unwilling to deal with it, and saying that protecting users was just polite words.

According to mempool datashowthere are currently more than 478,000 transactions on the Bitcoin network still to be confirmed, a record high, and memory usage has exceeded the standard capacity of 300 MB, reaching 1 GB.

In this regard, analysts from MICA Research, a cryptocurrency research team, commented that the phenomenon of Bitcoin network traffic jams is generally believed to be caused by the recent launch of BRC-20 tokens. For example, PEPE meme tokens soared 263% last week, attracting users to run to play BRC-20 tokens have led to a 400% surge in Bitcoin network fees compared to April.

Although many people are reminding that Binance should introduce lightning network withdrawals, analysts pointed out that there will be greater risks behind this method. On the surface, it is to solve the problem of Bitcoin network gambling congestion, but it may bring There are more transfer confirmations, asset loss and other situations that reduce user experience.