After halting them twice in one day owing to heavy volume, the exchange resumed Bitcoin withdrawals on Monday.
Binance Intends to Use the Bitcoin Lightning Network
Earlier in the day, the exchange had suspended withdrawals for around an hour, blaming a substantial delay in outstanding withdrawal requests. The exchange tweeted all announcements about the situation on its official Twitter account.
Pending transactions are being processed by replacing them with higher transaction fees.
The exchange
About the Outage
There was a lot of debate about the cause of the outage on Crypto Twitter. After the exchange stopped allowing Bitcoin withdrawals, there was a wave of FUD. Moreover, several people questioned the exchange’s ability to maintain its financial stability.
However, the exchange assures each customer that their funds are “SAFU” and has even detailed the efforts being taken to avoid repeating the same mistakes. For instance, modifying the exchange’s costs is just one of these activities.
Additionally, the exchange plans to support BTC Lightning Network withdrawals because this method is expected to be useful in circumstances like those.
