Binance resumes $BTC withdrawals after second hiatus, says its adjustment fees and Lightning Network integration

Binance briefly halted bitcoin withdrawals for around two hours on Sunday afternoon US time as the number of unverified transactions hit a record high. The second break, which took place on Sunday evening 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 activity in the chain and adjust accordingly if necessary.” Binance said in a tweet. “Our team has also been working on enabling BTC Lightning Network withdrawals, which will help in such situations.”[ads1];

The number of unconfirmed transactions approached 500,000 when the second halt occurred, up from around 400,000 when the first halt occurred. It is now starting to go down, and is currently at just over 430,000 over a 12-hour period.

The price of bitcoin continues its downward slide and is now at $28,240, down 2.6% in the last 24 hours.

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

UPDATE (8 May 2023, 05:00 UTC) Updating the story throughout.

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