On Sunday, the Twitter account for Binance announced on two separate occasions that it was temporarily closing Bitcoin withdrawals, citing a large volume of pending transactions and a "recent surge in $BTC network gas fees." The first pause lasted one hour and the second pause three hours, with the exchange sharing on Monday morning that it had processed all pending withdrawals.
Despite the speedy response, fears rippled through Crypto Twitter as users speculated over the underlying reasons for the pause and expressed a broader anxiety for Binance's stability. Although the company helmed by Changpeng "CZ" Zhao remains the undisputed leader in the crypto ecosystem, with an estimated market share of over 60% amid centralized exchanges, it has come under increasing pressure from global regulators.
