Binance has resumed bitcoin withdrawals following a second break, due to the unprecedented congestion on the Bitcoin network.

Binance temporarily halted bitcoin withdrawals on Sunday afternoon U.S. Time for around two hours, as the number unconfirmed transaction reached a record. The second pause was for less than two hours, and took place on Sunday evening U.S. Time.

Our fees have been adjusted to prevent this from happening again in the future. Binance stated in a Tweet that they would continue to monitor the on-chain activity, and make adjustments if necessary. Our team is also working to enable BTC Lightning Network withdraws. This will be helpful in such situations.

At the time of the second pause, the number of unconfirmed transactions was nearing 500,000. This is up from 400,000 at the time of the first pause. The number of unconfirmed transactions is beginning to drop, and currently stands at just over 430,000 for a 12-hour time period.

Bitcoin is currently trading at $28,240. This is a 2.6% decrease in 24 hours.

Data from CoinGecko show that Binance’s position in terms of bitcoin trading volume has fallen significantly and it is no longer among the top 10 bitcoin trading exchanges.

UPDATE (8 May 2023, 05:00 GMT) Updates story in all sections.

Elaine Ramirez is the editor.