The largest cryptocurrency exchange in the world, Binance, halted bitcoin withdrawals on Monday for the second time in a day due to a significant number of pending transactions. Withdrawals had previously been suspended by the exchange for around an hour before being momentarily resumed. The business tweeted that its team was working on a remedy and would quickly reopen bitcoin withdrawals.
In the tweet, Binance stated, "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."
Bitcoin's price has dropped by around 1% to $28,191, its lowest level in almost a week, as a result of the current withdrawal freeze. It's not the first time Binance's platform has had technical difficulties. Due to comparable technical difficulties in March, it banned deposits and withdrawals.
Regarding the current state of bitcoin withdrawals, Binance has not yet provided any more details. Investors are urged to use caution while purchasing digital assets because the crypto market continues to experience difficulties and uncertainties.