Binance halts bitcoin withdrawals twice in a day, BTC drops to a week-low

On Monday, the world's largest cryptocurrency exchange Binance, paused bitcoin withdrawals for the second time in a day, citing a high volume of pending transactions. The exchange had earlier halted withdrawals for approximately an hour before resuming them briefly. In a tweet, the company stated that its team was working on a fix and would reopen bitcoin withdrawals as soon as possible.

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."

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 (@binance) May 8, 2023

The current halt in withdrawals has caused Bitcoin to drop about 1 per cent to $28,191, its lowest in almost a week. This is not the first time Binance has had technical issues with its platform. In March, it suspended deposits and withdrawals due to similar tech issues.

Binance is yet to release any additional information regarding the status of bitcoin withdrawals. As the crypto market continues to face challenges and uncertainties, investors are advised to exercise caution when investing in digital assets.

Also read: Crypto exchange Binance, CEO sued by US regulator over violations