Binance Temporarily Suspends Solana (SOL) Withdrawals Due to Increased Transaction Volume

Binance and solana banners with a HALT symbol

Binance users have been notified of the intermittent suspension of withdrawals on the Solana (SOL) network, which commenced on March 4, 2024. The exchange attributed this suspension to the increased transaction volume on the Solana network, prompting Binance to conduct investigations and identify areas for optimization. In light of these developments, Binance is diligently working to implement a stable and long-term solution by March 9, 2024, at 18:00 (UTC).

Binance, one of the leading cryptocurrency exchanges, has announced the temporary suspension of withdrawal services on the Solana (SOL) network due to a surge in transaction volume. The suspension, which began on March 4, 2024, is aimed at facilitating maintenance and optimization efforts to address the heightened activity on the network.

A blog post from the company said:

“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 estimated implementation date of the solution is 2024-03-09 18:00 (UTC).”

Author: Grace

Grace likes gardening. She holds some BTC and ETH.