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Binance's Double Bitcoin Withdrawal Pause Forces Fee Increase

Published 05/08/2023, 05:01 AM
Updated 05/08/2023, 05:30 AM
© Reuters.  Binance's Double Bitcoin Withdrawal Pause Forces Fee Increase
BTC/USD
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  • The Bitcoin network is experiencing congestion.
  • Binance has paused withdrawals on the network.
  • The crypto exchange raised fees for pending transactions.

Binance Forced To Raise Fees

On Monday, May 8, Binance disclosed that it had paused Bitcoin withdrawals for the second time in less than 24 hours, again citing Bitcoin's network congestion.

https://twitter.com/binance/status/1655402071435411457?t=132MkvCSjhYak59F_r7vFg&s=19 Binance revealed in a follow-up tweet that it was forced to place higher fees on pending withdrawal transactions to better compete for block space and get transactions verified by miners.

https://twitter.com/binance/status/1655409304151941122?t=lRXJSZq8q4vtz5JM6qahyQ&s=19 The leading crypto exchange had paused Bitcoin withdrawals about 10 hours before,...

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Latest comments

Imagine keeping your crypto on an exchange LOL. Always withdraw to your wallet
Why are they not using the btc lightening network now?
Sounds like a manufactured crisis to raise fees. How is BTC supposed to scale under these conditions?
It is not. Absolute security id expensive, lower amounts should transact on ⚡
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