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Crypto giant Binance has resumed Bitcoin withdrawals after pausing the service for the second time in a day, citing a high volume of pending transactions.
The halt in withdrawals has caused Bitcoin to drop about 2.2% to US$28,220, its lowest in almost a week.
Binance had paused withdrawals earlier as the company did not anticipate the recent surge in Bitcoin’s network gas fees. On Monday, the average fee per Bitcoin transaction rose to US$7.25, the highest since May 2021, data from BitInfoCharts shows.
The company said it was also working on enabling BTC Lightning Network withdrawals, which helps speed up transaction times and decrease network congestion.
“To prevent a similar recurrence in the future, our fees have been adjusted. We will continue to monitor on-chain activity and adjust accordingly if needed,” Binance tweeted.
See also: Ethereum’s Shanghai upgrade: prepare for short-term volatility, prepare for long-term growth
The crypto firm has faced recurring technical challenges with its platform. In March, the company temporarily halted deposits and withdrawals due to technical issues.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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