Binance, one of the largest cryptocurrency exchanges in the world, temporarily halted Bitcoin withdrawals twice in 24 hours over the weekend.
Binance Resumes Bitcoin Withdrawals, Looks at Lightning Network Integration
Binance, one of the largest cryptocurrency exchanges in the world, temporarily halted Bitcoin withdrawals twice in 24 hours over the weekend. The exchange cited "network congestion" as the reason for the suspension, which lasted for about an hour on Sunday. The move came after Binance faced a similar issue on Saturday, when it paused Bitcoin withdrawals for about 20 minutes due to a "minor technical issue". The exchange assured its users that their funds were safe and that it was working to resolve the problem as soon as possible.
Bitcoin withdrawals are a crucial function for cryptocurrency exchanges, as they allow users to move their coins from the platform to their own wallets or other services. Any disruption or delay in this process can cause frustration and suspicion among customers, especially in a volatile market.
In an effort to solve the issues associated with higher congestion on the Bitcoin network, Binance said they have increased the fees on withdrawals and are working to integrate the Lightning Network, a layer-two payments protocol for Bitcoin.
