On Sunday afternoon, May 8, U.S. time, trading platform Binance suspended bitcoin withdrawals for about two hours as the number of unconfirmed transactions hit a record high.
Since then, Binance has issued an announcement that due to the large number of pending transactions, they need to temporarily close Bitcoin withdrawals again.
It is unclear when Binance will resume withdrawals after the second suspension. Since the latest withdrawal suspension, the number of unconfirmed transactions has increased from about 400,000 at the time of the first suspension to nearly 500,000 at press time.
According to CoinGecko data, Binance’s position in terms of Bitcoin trading volume has dropped significantly, and it is no longer among the top ten exchanges for Bitcoin trading pairs.