Binance Freezes Bitcoin Withdrawals Again, This Time Within 8 Hours of the First Pause.
Binance has once again temporarily stopped allowing users to withdraw bitcoins due to a significant increase in congestion on the Bitcoin network.
We've temporarily closed #BTC withdrawals due to the large volume of pending transactions.
Our team is currently working on a fix and will reopen $BTC withdrawals as soon as possible.
Rest assured, funds are SAFU.
— Binance (@binance) May 8, 2023
Binance temporarily halted bitcoin withdrawals for approximately two hours on Sunday afternoon in the United States, as the number of pending transactions reached an all-time high.
The timing for Binance to recommence withdrawals after the second pause is currently unknown.
As of now, the number of pending transactions has increased to nearly 500,000 since the recent halt, compared to around 400,000 during the initial pause.
Following the news, the price of bitcoin has decreased by 2.6%, and it is currently being traded at $28,252.
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