Binance Resumes $BTC Withdrawals After Second Pause Says Its Adjustment Fees and Lightning Network Integration

Binance suspended bitcoin withdrawals for about two hours on Sunday afternoon U.S. time as the number of unconfirmed transactions hit a record high. The second break, which took place Sunday night US time, also lasted just over two hours.

“To prevent a similar recurrence in the future, our fees have been adjusted. We will continue to monitor on-chain activity and adjust accordingly as needed,” Binance said in a tweet. “Our team has also been working on enabling withdrawals on the BTC Lightning Network, which will help in situations like this.”

The number of unconfirmed transactions was approaching 500,000 when the second pause occurred, from about 400,000 when the first pause occurred. It is now beginning to decline and is currently just over 430,000 over a 12-hour period.

Bitcoin price continues to drift lower and is now at $28,240 down 2.6% in the last 24 hours.

CoinGecko data shows that Binance’s position in bitcoin trading volume has dropped significantly and is no longer among the top 10 exchanges for bitcoin trading pairs.

UPDATE (May 8, 2023 05:00 UTC) Updates the story continuously.

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