Binance recently made an important announcement about pending Bitcoin withdrawals. Here’s a simplified version of the statement
Binance, which is the biggest exchange for digital money worldwide, has declared that all the Bitcoin withdrawals that were waiting have now been completed.
We have finished processing all the Bitcoin withdrawals that were waiting. We appreciate your patience, and our team is already working on solutions to make sure this doesn’t happen again. Thank you once more!
All pending $BTC withdrawal transactions have now been processed.
Once again, thank you for your patience and our team is already implementing solutions to make sure this doesn't happen again. https://t.co/tY7S8R3U9d
— Binance (@binance) May 8, 2023
Binance made an announcement on Sunday, stating that they were temporarily stopping BTC withdrawals. This decision caused a short period of panic among users, but it was later discovered that the suspension was due to network congestion caused by the BRC-20 tokens.
Binance has recently announced that withdrawals have recommenced in the morning, taking into account the current transaction fees. They also reported that all BTC withdrawals have been successfully processed. However, it is worth noting that the fee for transfers on the Bitcoin network has increased to around $20, compared to $1.2 last week.
According to Binance CEO CZ, the increased traffic in the Bitcoin network is considered a positive indicator of a thriving market.
*Not investment advice.
