Binance resumed withdrawals of Bitcoin around Monday noon in Hong Kong after temporarily halting the service twice within 12 hours due to what the world’s largest cryptocurrency exchange said was a “large volume of pending transactions.”
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Fast facts
- Binance tweeted earlier on Monday that “our set fees did not anticipate the recent surge in Bitcoin network gas fees” and that it was attempting to solve the issue by replacing the transactions with a higher fee so that they get picked up by mining pools.
- “Pending transactions are being processed by replacing them with higher transaction fees,” Binance said after it resumed Bitcoin withdrawals. “To prevent a similar recurrence in the future, our fees have been adjusted. We will continue to monitor on-chain activity and adjust accordingly if needed.”
- Earlier on Sunday night in Hong Kong, Binance tweeted it had encountered a “congestion issue” and had to halt Bitcoin withdrawals, and about an hour and half later said it resumed withdrawals.
- Data from CryptoQuant showed that Binance saw a total outflow of around 188,281 Bitcoin on Sunday alone, the largest daily volume on CryptoQuant’s records that tracks data starting in May 2020.
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