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.”
See related article: Israel confiscates suspicious Binance accounts allegedly linked to Islamic State: Reuters
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.
See related article: Binance chief says unclear crypto regulation ‘the worst’
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoAiStream. Web3 Data Intelligence. Knowledge Amplified. Access Here.
- Minting the Future w Adryenn Ashley. Access Here.
- Buy and Sell Shares in PRE-IPO Companies with PREIPO®. Access Here.
- Source: https://forkast.news/headlines/binance-resumes-bitcoin-withdrawals-after-halting-transactions-twice-in-12-hours/
- :not
- $UP
- 12
- 2020
- a
- About
- accordingly
- Accounts
- activity
- Adjusted
- After
- allegedly
- alone
- an
- and
- anticipate
- ARE
- around
- article
- attempting
- been
- being
- binance
- Bitcoin
- Bitcoin Network
- by
- chief
- continue
- crypto
- Crypto regulation
- cryptocurrency
- Cryptocurrency Exchange
- cryptoquant
- daily
- data
- DID
- due
- Earlier
- exchange
- fee
- Fees
- from
- future
- GAS
- get
- had
- Half
- halting
- Have
- higher
- Hong
- Hong Kong
- hour
- HOURS
- HTTPS
- if
- in
- Islamic
- Islamic State
- issue
- IT
- jpg
- Kong
- largest
- later
- linked
- May..
- Mining
- Mining Pools
- Monday
- Monitor
- needed
- network
- night
- of
- on
- On-Chain
- on-chain activity
- our
- pending
- picked
- plato
- Plato Data Intelligence
- PlatoData
- Pools
- prevent
- recent
- records
- recurrence
- Regulation
- related
- resumed withdrawals
- Said
- says
- service
- set
- similar
- So
- SOLVE
- Starting
- State
- surge
- suspicious
- that
- The
- The Future
- Them
- they
- to
- Total
- transaction
- Transaction Fees
- Transactions
- Twice
- volume
- was
- we
- What
- will
- with
- Withdrawals
- within
- world’s
- zephyrnet
More from Forkast
Bitcoin miner TeraWulf reports 146% revenue growth, expanded mining capacity
Source Node: 2043415
Time Stamp: Mar 31, 2023
Kraken to withdraw US$1.17 bln of staked Ether in line with SEC ruling, settlement
Source Node: 2059175
Time Stamp: Apr 14, 2023
Markets: Bitcoin, Ether fall with other top 10 crypto – BNB, Dogecoin lead losers
Source Node: 1720384
Time Stamp: Oct 7, 2022
Regulatory issues ‘still challenging’ as CBDCs gain popularity globally, says German IT firm Giesecke+Devrient’s Chief Evangelist Lars Hupel
Source Node: 1778996
Time Stamp: Dec 20, 2022
First aid kits, boots and batteries — how small but significant crypto funds are used in global conflicts
Source Node: 2199446
Time Stamp: Aug 6, 2023
Markets: Bitcoin, Ether rise; top 10 crypto mostly higher with Dogecoin leading gains
Source Node: 1763797
Time Stamp: Nov 29, 2022
FTX partnership boosts GameStop despite mixed quarterly results
Source Node: 1655786
Time Stamp: Sep 7, 2022
Debt, equity investment “on the table” for FTX rescue, Justin Sun says
Source Node: 1753666
Time Stamp: Nov 11, 2022