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.
Late on Sunday and again early on Monday the world's biggest crypto exchange shut bitcoin 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 bictoin 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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