Late on Sunday and again early on Monday, the world’s largest cryptocurrency exchange shut down bitcoin withdrawals, citing excessive pending transactions.
The cryptocurrency exchange Binance halted bitcoin withdrawals for several hours on Monday, citing large volumes and increased processing fees, before offsetting them with a higher cost.
Late on Sunday and again first thing on Monday, The world’s largest cryptocurrency exchange shut down bitcoin withdrawals, citing excessive pending transactions. because it had not offered the so-called miners a high enough reward to record the operations on the blockchain.
The shutdown sent bitcoin lower, although its losses were marginal. The cryptocurrency lost 1% to $28,162, its lowest level in almost a week.
“Our established rates did not anticipate the recent increase in network gas (bitcoin) rates,” Binance said in a tweet. “We are replacing pending Bitcoin withdrawal transactions with a higher fee to be collected by mining pools.”
Gas fees refer to payments made to cryptocurrency miners whose computing power processes transactions on the “blockchain” or chain of blocks.
In March, Binance had suspended deposits and withdrawals citing technical issues. Trading volume on Binance in 24 hours was $6.9 billionaccording to the analysis site CoinMarketCap, more than eight times that of Coinbase, the next largest platform.
Source: Ambito
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