Binance temporarily shut bitcoin withdrawals late Sunday and early Monday, blaming a glut of pending transactions as it didn't offer miners high enough rewards.
Late on Sunday and again early on Monday, Binance shut bitcoin withdrawals saying there was a glut of pending transactions because it hadn't offered so-called miners a high enough reward to log the trades on the blockchain.
Cryptocurrency exchange Binance halted bitcoin withdrawals for several hours on Monday, citing heavy volumes and a surge in processing fees, before clearing them at a higher cost. "Our set fees did not anticipate the recent surge in network gas fees," Binance said in a tweet. "We're replacing the pending bictoin withdrawal transactions with a higher fee so that they get picked up by mining pools."
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