Describing it as a learning experience, Binance has announced that all pending Bitcoin transactions have now been processed after a bumpy day when the crypto exchange paused BTX trades.
All pending $BTC withdrawal transactions have now been processed.
Once again, thank you for your patience and our team is already implementing solutions to make sure this doesn't happen again. https://t.co/tY7S8R3U9d
— Binance (@binance) May 8, 2023
Binance noted that they were aware that some data indicated a large volume of outflows from Binance, describing the activity to movements between Binance hot and cold wallets due to Bitcoin address adjustments.
Bitcoin said that fees have been adjusted to help avoid a similar event in the future:
“We will continue to monitor on-chain activity and adjust accordingly if needed. Our team has also been working on enabling BTC Lightning Network withdrawals, which will help in such situations.”
Adding:
“This is a learning opportunity for us and we’ll do our best to prevent this from happening again.”