Binance, the tier 1 cryptocurrency exchange resumed Bitcoin withdrawals on Monday after halting it for the second time in a day, due to large volumes.
In a tweet, the company said, “Pending transactions are being processed by replacing them with higher transaction fees”.
“There is a large volume of withdrawal transactions from Binance still pending as our set fees did not anticipate the recent surge in (Bitcoin) network gas fees,” Binance said, referring to payments made to crypto miners who process transactions on the blockchain.
It had previously halted withdrawals for about an hour earlier in the day.
Binance, suspended deposits and withdrawals in March, citing technical difficulties. Bitcoin fell about 1% to $28,191 (roughly Rs. 23 lakh), its lowest level in nearly a week.
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Binance confirmed last month that the software that powers the second-largest cryptocurrency, Ether, had been upgraded.
The move is said to give investors access to more than $30 billion in digital tokens (roughly Rs. 2,45,877 crore).
The latest upgrade to the Ethereum blockchain since its Merge upgrade, known as Shapella, will allow investors to redeem an offshoot of ether tokens that they have deposited in exchange for interest on the blockchain network over the last three years.
“The Shanghai/Shapella Upgrade is complete. Deposits & withdrawals for ETH, OP, ARB, and ERC-20 tokens via the Ethereum, Optimism, and Arbitrum networks are now back online,” Binance said in a tweet.
Binance also shut down its Australian derivatives business after surrendering its financial services license last month amid a regulatory investigation into its operations.
The Australian Securities and Investment Commission (ASIC) had been conducting a “targeted review” of Binance since February when the company admitted to misclassifying some retail investors as wholesale.
