Binance enables BTC withdrawal after pause due to network congestion

Hello friends,

I am doing good, and I hope that you are having a good time with your near and dear ones.

Binance had paused withdrawing for a Bitcoin mentioning the reason that there is congestion on the network because of which the withdrawals are not happening. I'm not sure if this has ever happened before but this is the first time, I have seen something like this. It is something that we can understand that there can be some conditions on the network, but I believe this situation should be the same across the exchanges. During the period when the withdrawals were not working that time and other exchanges were able to provide it and it was okx exchange.

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Binance has also shared the update through Twitter that they are integrating the lightning network. They had done the pause twice and now as per the latest update it is working fine, and they are trying to clear all the withdrawals on priority.

Crypto withdrawal is one of the basic functionality that should always be active and I believe it is the responsibility of all the exchanges to keep it running. It is good that the exchange has come forward with the update that whatever challenges they are facing and as a result they need to pause the withdrawal for some time to fix it. There are still some exchanges in India that are not at all providing crypto withdrawals and now if I do the comparison I feel like there is nothing wrong with this exchange because it is a temporary situation.

This is a good practise that exchanges keep on updating the community through the social media handles with whatever challenges they are going through and it can be learning for many other exchanges to accept if there is any problem with the user funds.

*Thank you

Posted Using LeoFinance Alpha