Binance pauses Bitcoin withdrawals citing large volumes

A representation of the cryptocurrency is seen in front of Binance logo in this illustration. Credit: Reuters Photo

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."

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Earlier in the day it had paused withdrawals for about an hour.

In March, Binance, the world's largest crypto exchange suspended deposits and withdrawals citing tech issues. Bitcoin was down about 1 per cent to $28,191, its lowest in nearly a week.

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