For the Second Time in the Past 24 Hours, Binance Has Suspended Bitcoin Withdrawals

[{"selector":"#anim-f4aa3f9c-7412-4bba-9c3f-bcbbf7fc5431 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(32.17908502584612%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] BY JAMES SCOTT/ May 8, 2023 Learn more

[{"selector":"#anim-9e4daa85-3db9-4a16-b693-368a72c513e2 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(7.2044023529460475%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] In light of the extraordinary congestion the Bitcoin network is experiencing, Binance has once more halted Bitcoin withdrawals. Binance

[{"selector":"#anim-8a06cc38-4e84-4414-a1bd-35c44b2a985a [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(7.2044023529460475%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] 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. Binance

[{"selector":"#anim-a9b920d3-5df5-4313-bcea-16a264066f77 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(7.2044023529460475%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] When Binance begins processing withdrawal requests following the second pause is still unknown. Binance

[{"selector":"#anim-4bc595b7-0c05-4e75-a4f8-12000f83e4ff [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(7.2044023529460475%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] 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. Binance

[{"selector":"#anim-238c0dec-cc07-4794-b281-5abbaacd0cdc [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(7.2044023529460475%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] As a result of the news, the price of Bitcoin has decreased by 2.6% and is currently trading at $28,252. Binance

[{"selector":"#anim-675dea8e-ed47-4936-a106-c8a1c00bb331 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(7.2044023529460475%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] 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. Binance

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