Binance Resumes Bitcoin Withdrawals After Halting Them Twice In 12 Hours – NewsTo
Binance Resumes Bitcoin Withdrawals After Halting Them Twice In 12 Hours

Binance Resumes Bitcoin Withdrawals After Halting Them Twice In 12 Hours


Binance resumed Bitcoin withdrawals on Monday midday in Hong Kong after momentarily halting the service twice within 12 hours because of a “large volume of pending transactions,” according to the world’s largest cryptocurrency exchange.

Binance Resumes Bitcoin Withdrawals After Halting Them Twice In 12 Hours

Summary

Earlier on Monday, Binance stated that “our set fees did not anticipate the recent surge in Bitcoin network gas fees” and that it was working to fix the problem by replacing the transactions with higher-fee ones in an effort to catch the attention of mining pools.

Following the restart of Bitcoin withdrawals, Binance said that “pending transactions are being processed by replacing them with higher transaction fees.” “Our fees have been adjusted to avoid a situation like this happening again in the future. We will keep an eye on on-chain activities and make any necessary adjustments.

Binance tweeted that it had to halt Bitcoin withdrawals due to a “congestion issue” earlier on Sunday night in Hong Kong. An hour and a half later, it stated it had resumed withdrawals.

The largest daily volume on CryptoQuant’s records, which cover data starting in May 2020, was seen on Sunday alone when Binance saw a total outflow of about 188,281 Bitcoin.



Leave a Reply

Your email address will not be published. Required fields are marked *