Founder and CEO Changpeng Zhao initially estimated the platform would need about a half-hour to address the issue, which actually took several hours to mitigate. The transactions were disrupted due to “low TX fees,” which led to a backlog of transactions.
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'Low TX Fees' Identified As Cause of BTC Backlog on Binance
Bitcoin withdrawals on the Binance platform were temporarily suspended last week after a “stuck transaction” was reportedly causing issues. So reports CNBC.
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