Binance has once again lifted the temporary suspension on bitcoin (BTC) withdrawals, following a second pause due to unprecedented congestion on the Bitcoin network.
During Sunday afternoon U.S. time, Binance briefly halted bitcoin withdrawals for approximately two hours, prompted by a surge in unconfirmed transactions reaching a record high. Subsequently, a second pause occurred on Sunday evening U.S. time, lasting just over two hours.
“To prevent a recurrence of similar events in the future, we have adjusted our fees. We will continue to closely monitor on-chain activity and make further adjustments as necessary,” Binance stated in a tweet. “Furthermore, our team has been actively working on enabling BTC Lightning Network withdrawals, which will provide assistance in such situations.”
The number of unconfirmed transactions neared 500,000 during the second suspension, up from approximately 400,000 during the initial pause. However, the figure has begun to decline and currently stands at slightly above 430,000 over a 12-hour period.
In the past 24 hours, the price of bitcoin has experienced a downward trend and now sits at $28,240, reflecting a 2.6% decline.
According to data from CoinGecko, Binance has witnessed a significant decline in its position concerning bitcoin trading volume and is no longer ranked among the top 10 exchanges for bitcoin trading pairs.