Update 1 – Binance pauses bitcoin withdrawals citing large volumes

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(Adds context and price, replaces date May 8)

May 8 (Reuters) – Cryptocurrency exchange Binance halted bitcoin withdrawals for the second in a on Monday, citing large volumes.

“Our team is currently working on a fix and will resume (Bitcoin) withdrawals as soon as possible,” the company said in a tweet. It said that the withdrawals were temporarily suspended due to the large amount of pending transactions.

Earlier in the day, there was a ban on withdrawal for about an hour.

In March, the world's largest crypto exchange, Binance, suspended deposits and withdrawals citing technical issues. Bitcoin was down about 1% at $28,191, its lowest in almost a week. (Reporting by Akanksha Khushi in ; Editing by Christian Schmollinger and Muralikumar Anantharaman)

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