In the previous twelve hours, Bitcoin withdrawals were twice halted by Binance, the biggest cryptocurrency exchange. Despite raising concerns within the neighborhood, the exchange has assured consumers that their money is safe. As of the time of publication, the company announced plans to implement withdrawals using the BTC Lightning Network.

Binance said a few hours ago that it would be resuming its suspension of Bitcoin withdrawals. This time, a large number of pending transactions was the cause. Withdrawals of Bitcoin were once again permitted on the exchange after almost three hours. However, they were substituting these with increased transaction fees in order to process the backlog of outstanding transactions.

Following Binance’s decision to halt Bitcoin withdrawals, there was a wave of FUD with some individuals raising concerns about the exchange’s financial soundness. Binance has however guaranteed its users that all monies are “SAFU” and even described the steps being done to prevent similar events in the future. One of these approaches entails modifying the exchange’s costs. Binance is also aiming to enable withdrawals using the BTC Lightning Network, which is anticipated to be helpful in similar circumstances.

Our fees have been modified to stop a similar occurrence from happening again in the future. We will keep an eye on on-chain activities and make adjustments as necessary.

Additionally, our team has been working to make BTC Lightning Network withdrawals possible, which will be useful in these circumstances.

2023-05-08 — Binance (@binance)