- On Monday, Binance reopened the withdrawal of bitcoin.
- Binance intends to enable withdrawals using the BTC Lightning Network.
Cryptocurrency exchange Binance restarted bitcoin withdrawals on Monday after stopping them for the second time in a day due to high volume. Binance had stopped withdrawals earlier in the day for approximately one hour, alleging a significant delay in pending withdrawal requests as the reason.
$BTC withdrawals are now resumed on #Binance.
— Binance (@binance) May 8, 2023
Pending transactions are being processed by replacing them with higher transaction fees.
We'll post another update once these pending transactions are all processed.
Binance stated:
“Pending transactions are being processed by replacing them with higher transaction fees.”
On Crypto Twitter, there was a lot of discussion concerning the cause of the outage. There was a wave of FUD after it discontinued accepting Bitcoin withdrawals, and some people doubted the exchange’s financial soundness. However, Binance promises all customers that their monies are “SAFU” and has even outlined the steps being taken to prevent similar events in the future. One of these actions consists in modifying the exchange’s costs.
The exchange also intends to enable withdrawals using the BTC Lightning Network. That is anticipate to be helpful in similar situations. With its proof of reserve asset, the exchange strengthened its position as the largest exchange with the greatest liquidity, which has led to the community’s relative calm.
Even with the record listing of PEPE and Floki Inu memecoins over the weekend, the crypto exchange still dominates the market. BTC is currently worth $28,191.16 and has a 24-hour trading volume of $13,094,874,022. BTC has decreased by 2.44%, according to CMC.
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