Binance Halts Bitcoin Withdrawals Due to Network Congestion
Binance temporarily halted Bitcoin withdrawals due to congestion on the Bitcoin network caused by a surge in BRC-20 transactions, particularly for memecoins like Pepe. Bitcoin mempool had over 400,000 transactions waiting to be processed. Bitcoin transaction fees reached their highest point in two years, with a total of $3.5 million paid on May 3. BTC withdrawals on Binance have since resumed.