The world’s largest exchange stopped bitcoin withdrawals for two hours.
Binance has stopped withdrawing bitcoins. Binance stated that the reason for this outage was the congestion of the blockchain and the large volume of transactions.
Binance company announced in a tweet that this step was taken due to the large volume of withdrawals from the exchange because Binance did not anticipate the increase in the cost of Bitcoin gas.
The previous day, Binance suspended withdrawals for one hour due to network congestion, and at the same time as this event, the world’s major exchanges such as Coinbase did not announce any outages in Binance.
It only took about an hour for the bitcoin withdrawal to be locked, after which Binance reported that the problem had been fixed. Although the duration of the disturbance was short, but in this short time, speculations about the exact causes were rampant on Twitter. Crypto activists did not consider the aforementioned disruption to be unrelated to the Bitcoin network fee increase that occurred recently.
Binance exchange announced in a tweet that in order not to witness such events, our team is monitoring the data of Enchin so that any similar events occur and adjust the fees.
Binance continued, our team is trying to solve this problem by launching the Lightning network.
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