Binance Pauses Bitcoin Withdrawals for the Second Time in 24 Hours
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Binance has once again paused bitcoin withdrawals as the Bitcoin network suffers from unprecedented congestion.
Binance briefly paused bitcoin withdrawals for around two hours Sunday afternoon U.S. time as the number of unconfirmed transactions hit a record high.
It is not yet known when Binance will resume withdrawals after the second pause.
Since the latest halt, the number of unconfirmed transactions was approaching 500,000 as of press time from around 400,000 when the first pause took place.
The price of bitcoin is down 2.6% on the news and trading at $28,252.CoinGecko data shows Binance has significantly slid in its position for bitcoin trading volume and is no longer in the top 10 exchanges for bitcoin trading pairs.