On Monday, the world’s largest cryptocurrency exchange Binance, paused bitcoin withdrawals for the second time in a day, citing a ‘high volume of pending transactions.’
The exchange had earlier halted withdrawals for approximately an hour before resuming them briefly.
In the tweet, Binance stated, ‘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 said in a tweet on Monday in Asia that Bitcoin was moved ‘between Binance hot and cold wallets due to the BTC address adjustments’
Cold wallets arent connected to the internet, unlike hot ones, and are often viewed as a more secure way of storing digital currency.
The tokens worth over 4 billoin dollars were moved in two tranches, of 117,000 and 40,000, CryptoQuant said on Twitter.
Last years crypto crash and bankruptcies like FTX eroded investor sentiment in digital-asset platforms, major shifts at exchanges such as this will further fuel skepticism.
The latest halt was lifted after the company said higher fees had been applied to pending transactions to get them picked up by Bitcoin miners.
Bitcoin retreated on Monday amid a wider drop in crypto markets, and was trading at $28,180.