Binance, a cryptocurrency exchange, released a notice that Solana withdrawals have been stopped until March 9 due to an increased volume of transactions on the network, according to a press release.
TakeAway Points:
- Binance has suspended Solana withdrawals till March 9.
- This suspension is due to an increased volume of transactions on the network.
- Binance also stated that it has found certain areas for improvement but did not specify whether these areas had to do with the exchange or the Solana network in general.
Solana Withdrawals Suspended
The cryptocurrency exchange Binance stated in a press release on March 6 that withdrawals from the Solana (SOL) network had been “intermittently blocked” since March 4. The announcement attributed the suspension to the “increased volume of transactions on the network.”
In addition, Binance stated that it has found areas for improvement and is working to address the issue; however, it did not specify whether these areas had to do with the exchange or the Solana network in general. Although the length of the suspension is unclear, Binance has set March 9 at 18:00 (UTC) for the execution of a lasting solution.
“Withdrawals on Solana (SOL) network have been intermittently suspended since 2024-03-04 due to the increased volume of transactions on the network. Binance has identified some areas for optimization, and is working to provide a stable and long-term solution.”
the notice read.
Although the network experienced a five-hour downtime on February 6, according to Solana’s status page, the company has not publicly addressed the stability of the network in reaction to Binance’s decision to halt withdrawals. As of the time of publication, it is unknown whether Binance’s decision to halt withdrawals had any bearing on the stability of the network.
According to a CoinMarketCap report Binance’s decision comes at the same time as Solana’s SOL token is seeing a spike in daily trading volume, hitting $9.5 billion, which is comparable to values last observed in September 2021, when SOL was selling at $209. SOL was trading at $130 at the time of publication.
