Crypto exchange Binance lifts block on bitcoin withdrawals amid heavy volumes

Late on Sunday and again early on Monday Binance temporarily shut bitcoin withdrawals saying there was a glut of pending transactions

Cryptocurrency exchange Binance halted bitcoin withdrawals for several hours on Monday, citing heavy volumes and a surge in processing fees, before clearing them at a higher cost.withdrawals saying there was a glut of pending transactions because it hadn’t offered so-called miners a high enough reward to log the trades on the blockchain.

“Our set fees did not anticipate the recent surge in network gas fees,” Binance said in a tweet. “We’re replacing the pending bitcoin withdrawal transactions with a higher fee so that they get picked up by mining pools.” “If the withdrawal amount is large, the gas fee required to process the transaction may also be large, especially during times of high network congestion,” Joshua Chu, group chief risk officer at blockchain technology group XBE, Coinllectibles and Marvion.

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