Binance’s Double Bitcoin Withdrawal Pause Forces Fee Increase By DailyCoin

• The network is experiencing congestion.
• Binance has paused withdrawals on the network.
• The crypto exchange raised fees for pending transactions.

Congestion on the Bitcoin network has led Binance to pause Bitcoin withdrawals twice in just a few hours. In the latest instance, the crypto exchange has been forced to raise 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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