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Business News/ Markets / Cryptocurrency/  Binance pauses Bitcoin withdrawals, second time in less than 12 hours. Here is why
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Binance pauses Bitcoin withdrawals, second time in less than 12 hours. Here is why

Binance halted Bitcoin withdrawals on Monday for the second time in a day, citing large volumes

Binance said that it temporarily closed BTC withdrawals as the Bitcoin network is experiencing a congestion issue. (REUTERS)Premium
Binance said that it temporarily closed BTC withdrawals as the Bitcoin network is experiencing a congestion issue. (REUTERS)

Crypto exchange Binance said that it has temporarily paused withdrawals of Bitcoin for the second time in less than 12 hours, citing congestion on the token’s 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 said on Twitter.

 

The platform took a similar action for about 90 minutes on Sunday. Bitcoin slipped on Monday, falling about 3% and trading at roughly $28,200 as of 9:44 a.m. in Singapore. An index of the biggest 100 digital assets also posted a moderate decline.

The world's largest crypto exchange on March suspended deposits and withdrawals on its platform due to technical issues that affected spot trading.

 

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Published: 08 May 2023, 07:56 AM IST
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