Breaking: Binance Settles Pending Bitcoin Withdrawal Transactions

Binance News: Binance, the world’s biggest crypto exchange shared an update on the pending Bitcoin (BTC) transactions. The exchange announced that after resuming withdrawals, all pending BTC withdrawal transactions have now been processed.

Also Read: Binance Bitcoin Withdrawals Halts Leave Crypto Stocks Tumbling

Binance Enabled BTC Lightning Network Withdrawals

The world’s biggest crypto exchange in a Tweet stated that all unresolved withdrawal transactions were completed. It added that their team is already implementing solutions to make sure this doesn’t repeat again.

Earlier, Binance reported that Withdrawals were turned active on the exchange. While pending transactions were processed by replacing them with higher transaction fees. In order to avert such incidents in the future, the fees were being adjusted.

However, it added that the exchange will be enabling Bitcoin lightning Network withdrawals which will provide support ahead in situations like this. Meanwhile, the exchange called it a learning opportunity and claimed to prevent this ahead. Read More Binance News Here…

Also Read: Bull Market Issue; CZ Addresses Bitcoin Withdrawals Issue

Changpeng Zhao (CZ), Binance boss commented on the recent fiasco. He stated that gas prices fluctuate and jump, while transactions get stuck, fees go up and people complain. He tagged this situation as a bull market issue.

Binance Bitcoin Withdrawal halt left the crypto market tumbling. The digital crypto market dropped by over 3% over the last day. The cumulative market cap stands at around $1.16 trillion. However, its 24 hour trading volume is up by 20% to stand around $38.77 billion.

Bitcoin price declined by around 3.7% over this period. BTC is trading at an average price of $27,915, at the press time.