Binance, one of the world's leading cryptocurrency exchanges, paused Bitcoin withdrawals again, making it the second time in a day or less than 24 hours on Monday, May 8.
Shortly after the crypto exchange resumed withdrawing the leading digital token, it again announced its suspension.
Binance Halts Bitcoin Withdrawals Yet Again
As per a report by Bloomberg, Binance confirmed to its users that it has temporarily halted the withdrawals of Bitcoin from the
The leading crypto exchange assured its customers that they were already fixing the problem, which led to the temporary pause of withdrawals. Once that is out, the platform says they will reopen Bitcoin withdrawals "as soon as possible."
Before the latest pause of withdrawals, Binance paused Bitcoin withdrawals earlier that day, which lasted for roughly two hours, Reuters reports. Given that, the crypto exchange suspended the withdrawal option two in a row in less than 24 hours.
Why Did Binance Suspend Bitcoin Withdrawals?
In its recent tweet, Binance blames the traffic congestion of transactions as the reason for pausing withdrawals temporarily. The official Twitter of Binance confirmed that they are grappling with a "large volume of pending transactions."
The crypto exchange also cited transaction congestion for its first withdrawal halt earlier in the day, according to Coin Desk. Binance paused Bitcoin withdrawals for the second time as the transactions reached a record high. To be more precise, the transactions nearly hit the 500,000 mark. It is significantly higher than the previous 400,000 transactions, which triggered the first halt.
This is not the first instance that Binance halted withdrawals on the platform. Reuters notes that a technical issue forced the crypto service to suspend withdrawals and deposits last March. The exchange's Chief Executive Officer (CEO), Changpeng Zhao, blames a bug for the incident.
But this time, Binance cites a transaction congestion problem, temporarily stopping Bitcoin withdrawals. It is worth noting that withdrawals for other cryptocurrencies, such as PEPE and DOGE, remain open. In other words, the suspension is only limited to Bitcoin, which dropped over two percent to $28,252.
Binance assured in its tweet that the funds are SAFU, which, according to Money Mongers, is a term for crypto bros that means "safe."
In a tweet, Binance announced that the withdrawals for BTC had resumed. To avoid the abrupt suspension from disrupting the service again, it has already raised the transaction fees for withdrawals. The top crypto exchange goes on to thank its users for their patience.