Binance, a leading crypto exchange firm in the world, said it has resumed withdrawal services for Bitcoin (BTC) after several hours of interruption. The company explained that the brief pause was caused by a congestion issue.

According to Reuters, Binance did not provide any other details with regard to the temporary halt in withdrawals of Bitcoin. It was noted that it took several hours before the service was made available again.

Prior to the resumption of withdrawals for BTC, Binance reportedly stopped the said service two times within a 12-hour period. In the second incident, the crypto exchange once again cited “large volume of pending transactions” as the reason for the temporary unavailability of Bitcoin withdrawals.

Perhaps, it can be assumed that the sudden large backlog of pending withdrawals may have been triggered by the first closure of withdrawals. It is possible that a number of users may have panicked and decided to withdraw their Bitcoins.

With the recent series of company failures in the world of cryptocurrency, it is easy to see why sudden service interruption in crypto exchanges can make people worry about their crypto assets.

In any case, CoinTelegraph reported that the transactions are still pending at Binance because the company’s “set fees did not anticipate the recent surge in Bitcoin network gas fees.” The company said it is working on a solution to fix the issue at once.

Binance said it is speeding up the confirmation of all pending transactions where backlogs were said to have already reached 400,000 transactions and even ballooned to 485,000 after the first pause. It also promised that withdrawals for the BTC token would be back as soon as possible.

Meanwhile, at the time of writing, Binance posted a new update on social media. “We are replacing the pending $BTC withdrawal transactions with a higher fee so that they get picked up by mining pools. We aim to reopen $BTC withdrawals in the next hour,” the company tweeted before noon on May 8.

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