In light of the extraordinary congestion the Bitcoin network is experiencing, Binance has once more halted Bitcoin withdrawals.
We've temporarily closed #BTC withdrawals due to the large volume of pending transactions.— Binance (@binance) May 8, 2023
Our team is currently working on a fix and will reopen $BTC withdrawals as soon as possible.
Rest assured, funds are SAFU.
As pending Bitcoin transactions reached a record high on Sunday afternoon U.S. time, the cryptocurrency exchange Binance temporarily halted Bitcoin withdrawals for around two hours.
When Binance begins processing withdrawal requests following the second pause is still unknown.
Since the most recent pause, the number of unconfirmed transactions had nearly reached 500,000 as of this publication, up from approximately 400,000 when the initial pause occurred.
As a result of the news, the price of Bitcoin has decreased by 2.6% and is currently trading at $28,252.
According to the statistics provided by CoinGecko, Binance has experienced a considerable decline in its position for bitcoin trading volume and is no longer among the top 10 exchanges for trading bitcoin pairs.