Cryptocurrency exchange Binance halted bitcoin withdrawals on Monday for the second time in a day, citing large volumes.
"Our team is currently working on a fix and will reopen (bitcoin) withdrawals as soon as possible," the company said in a tweet. It said withdrawals were closed temporarily "due to the large volume of pending transactions."
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
Earlier in the day it had paused withdrawals for about an hour after briefly resuming them.
The company has not yet released any additional information at the time of publishing this article as the crypto market continues to encounter uncertainities, with investors advised to exercise caution while putting down money in to digital financial instruments.
In March, Binance, the world's largest crypto exchange suspended deposits and withdrawals citing tech issues. Bitcoin was down about 1% to $28,191, its lowest in nearly a week.
With inputs from agencies