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Binance, the largest cryptocurrency exchange by trading volume, twice briefly paused bitcoin (BTC-USD) withdrawals from its platform in less than 24 hours, as the token's blockchain suffered from congestion, it said Sunday in a series of Twitter posts.

The withdrawal issues weighed on the broader crypto market, with bitcoin (BTC-USD) sliding 3.9% to $27.87K as of shortly before 8:45 a.m. ET, and ethereum (ETH-USD) dipping 2.7% to $1.86K.

The crypto behemoth noted that higher fees have been applied to pending transactions "so that they get picked up by mining pools," Binance tweeted. Both suspensions -- one on Sunday and the other on Monday morning -- lasted less than 90 minutes.

"To prevent a similar recurrence in the future, our fees have been adjusted. We will continue to monitor on-chain activity and adjust accordingly if needed," it said. "Our team has also been working on enabling BTC Lightning Network withdrawals, which will help in such situations."

Mining pools consist of a group of miners who combine their computational resources to mine blocks together for a better chance to receive rewards. The Lightning Network is bitcoin's (BTC-USD) layer 2 protocol that was designed to scale the token by making BTC payments faster and cheaper than processing a transaction directly on the blockchain.

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Crypto giant Binance resumes bitcoin outflows after second halt ... - Seeking Alpha