Hassan Maishera
Binance has resumed Bitcoin withdrawals after pausing them for several hours on Sunday, and again on Monday morning.
Binance’s set fees did not anticipate the surge in gas fees on the Bitcoin blockchain, meaning. The exchange had to replace them with higher fee transactions for them to be picked up by miners.
We’re replacing the pending $BTC withdrawal transactions with a higher fee so that they get picked up by mining pools.
— Binance (@binance) May 8, 2023
We aim to reopen $BTC withdrawals in the next hour.
Binance has adjusted its BTC fee structure to account for this, according to a separate tweet. Read more about trading fees in our Binance review.
The halt from the world’s largest cryptocurrency exchange sent the price of Bitcoin down 1% to $28,172.
Binance halted Bitcoin withdrawals in March, citing technical issues. Binance has a 24-hour trading volume more than eight times that of its next-highest competitor, Coinbase.
