Crypto exchange Binance has suspended Bitcoin withdrawals for the second time on May 8 due to a large number of pending transactions. The exchange stated that the pending transactions were not being processed because the set fees did not account for the recent surge in Bitcoin network gas fees. To resolve the issue, Binance increased the transaction fees to ensure that the transactions are picked up by mining pools. After nearly three hours of suspension, the platform announced that Bitcoin withdrawals had resumed and the pending transactions would be processed with higher fees.
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