Binance, the largest cryptocurrency exchange in the world, temporarily halted bitcoin withdrawals for a second time in 24 hours on Monday, claiming an exceptionally high amount of outstanding transactions as the reason.
Earlier, the exchange had temporarily paused withdrawals for almost an hour before beginning to process them again for a limited period of time. The firm said in a tweet that its staff was working on a solution to the problem and that it will restore bitcoin withdrawals as quickly as possible.
In the tweet, Binance noted, “Due to the large volume of pending transactions, we have temporarily closed #BTC withdrawals.” Our staff is presently looking into the issue, and we will resume the Bitcoin withdrawals as soon as we can. Have no fear, the money is safe and sound.”
Binance has faced platform troubles before. Due to similar tech concerns, it halted deposits and withdrawals in March.
Bitcoin’s price has fallen by around one percent, reaching $28,191—its lowest point in over a week—as a result of the current freeze on withdrawals. This is not the first time that Binance’s platform has had some sort of technical difficulty. Because of ongoing technical problems, it stopped accepting deposits and withdrawals in March.
Regarding the current standing of bitcoin withdrawals, Binance has not yet disclosed any more information to the public. Due to the ongoing difficulties and unpredictability that the cryptocurrency market is experiencing, investors are being urged to proceed with extreme care while purchasing digital assets.