Binance Resumes Bitcoin Withdrawals After Second Pause

After suspending Bitcoin withdrawals twice in one day, Binance resumed them on Monday, citing a large amount of withdrawals.

Bitcoin Binance Withdrawal“Pending transactions are being processed in exchange for higher transaction fees,” Binance said in a tweet. (file image)

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Cryptocurrency exchange Binance resumed Monday after suspending Bitcoin withdrawals twice in one day, citing a large amount of withdrawals.

“Pending transactions are being processed with higher transaction fees,” the company said in a tweet.

Binance previously referred to payments to cryptocurrency miners that process transactions on the blockchain, stating that “our set fee did not anticipate the recent surge in (Bitcoin) network gas fees, so we have decided not to pay more from Binance. Massive withdrawal transactions are still pending,” he tweeted. .

Earlier in the day, I had paused withdrawals for about an hour.

In March, Binance, the world’s largest cryptocurrency exchange, suspended deposits and withdrawals, citing technical issues. Bitcoin dropped about 1% to $28,191, the lowest level in almost a week.

First published date: Aug 5, 2023 09:55 IST

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