Cryptocurrency exchange Binance was forced to pause, and later resume, Bitcoin (BTC) withdrawals two times in a matter of hours due to a network congestion, the company said via Twitter on 8 May.
According to the announcement, the exchange “temporarily” closed BTC withdrawals in the early hours of Monday as there was a “large volume of pending transactions” on the Bitcoin network. Binance had suspended BTC withdrawals only hours earlier, on 7 May, as the network experienced congestion issues, but reopened them only an hour and a half later.
Binance explained that a large number of BTC transactions were pending as the exchange’s “set fees did not anticipate the recent surge in BTC network gas fees”, and that it was working on accelerating the confirmation of all “pending transactions”. Around two hours after its initial tweet, the exchange said it had replaced the pending BTC withdrawal transactions with a higher fee so that “they get picked up by mining pools”, and an hour later announced it had resumed Bitcoin withdrawals.
Binance noted that it had adjusted its fees in order to prevent a similar issue in the future, and that its team will “continue to monitor on-chain activity and adjust accordingly”. The exchange also noted that it was working on enabling BTC withdrawals through the Lightning Network”, claiming it would help with such unexpected withdrawal issues in the future.