Binance CEO Changpeng Zhao dismissed concerns over the exchange's temporary halting of bitcoin withdrawals, citing high transaction fees as the main reason. Some users were worried that the halts were due to billions of dollars of withdrawals, but Binance clarified that it was only moving bitcoin between its hot and cold wallets. Binance also increased fees for pending transactions to incentivize miners to prioritize them. The recent launch of the Ordinals protocol appears to be the main cause of Bitcoin network congestion and high fees.