♻️Binance has resumed BTC withdrawals after stopping transactions twice in 12 hours.

🔶Binance crypto exchange has resumed the withdrawal of bitcoins this morning after two temporary suspensions of withdrawals within 12 hours. Binance closed withdrawals on May 7th due to the mempool filling up with 400,000 pending transactions.

📈The congestion was caused by a sharp increase in BRC-20 transactions over the past couple of days. Due to the huge demand for memcoins like PEPE.

"The fees we set have not taken into account the recent increase in gas fees on the Bitcoin network." Binance stated on its Twitter. The exchange solved this problem by replacing transactions with higher fees so that they are included in mining pools.

💰After resuming BTC withdrawals, Binance said: "Pending transactions are being processed by replacing them with higher transaction fees. To prevent this from happening in the future, our fees have been adjusted. We will continue to monitor network activity and adjust accordingly if necessary."

📊 On Sunday alone, Binance recorded a total outflow of around 188,281 BTC. What is the largest daily volume since May 2020.

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