Binance exchange announced that it has resumed withdrawals of Bitcoin. The service was temporarily halted twice within a 12-hour period due to a “large volume of pending transactions.”
According to Binance’s tweet earlier on Monday, the set fees did not anticipate the recent surge in Bitcoin network gas fees.
The exchange has attempted to solve the issue by replacing the transactions with a higher fee so that they get picked up by mining pools.
Binance further explained that “pending transactions are being processed by replacing them with higher transaction fees” after it resumed Bitcoin withdrawals.
In order to prevent similar occurrences in the future, the fees have been adjusted, and the exchange will continue to monitor on-chain activity and make necessary adjustments accordingly.
On Sunday night in Hong Kong, Binance tweeted about encountering a “congestion issue” that led to the temporary halt of Bitcoin withdrawals. About an hour and a half later, the exchange announced that it had resumed withdrawals.
According to data from CryptoQuant, Binance saw a total outflow of around 188,281 Bitcoin on Sunday alone, which marks the largest daily volume on CryptoQuant’s records that track data starting in May 2020.