Binance Halts Bitcoin Withdrawals Due to Network Congestion

Binance temporarily paused Bitcoin withdrawals due to network congestion issues, but later resumed services. The backlog of unconfirmed Bitcoin transactions in the network's mempool totaled around 395,000, driving up transaction fees. The rise in congestion coincides with a steep rise in the number of inscriptions made through Ordinals, as people use the protocol for minting NFT-like assets on Bitcoin to create and trade fungible, BRC-20 tokens. Meanwhile, crypto exchange OKX said Bitcoin deposit and withdrawal services were working fine, despite high transaction costs.