May 8 (Reuters) – Cryptocurrency exchange Binance resumed bitcoin withdrawals on Monday after halting it for the second time in a day, citing large volumes.
“Pending transactions are being processed by replacing them with higher transaction fees,” the company said in a tweet.
“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 had tweeted earlier, referring to payments made to crypto miners who process transactions on the blockchain.
Earlier in the day it had paused withdrawals for about an hour.
In March, Binance, the world’s largest crypto exchange suspended deposits and withdrawals citing tech issues. Bitcoin was down about 1% to $28,191, its lowest in nearly a week.
