Binance temporarily suspends withdrawals on the Solana network due to crowds

In a recent development, Binance, the largest cryptocurrency exchange in the world, announced that it has intermittently suspended withdrawals on the Solana network.

The reason for this measure is the increased number of transactions on the network, which has increased the need for optimization and stability. Binance expects to implement a fix and resume withdrawals on March 9.

Recordings suspended intermittently

According to a statement from Binance, withdrawals on the Solana (SOL) network have been suspended intermittently since March 4. This was done to address increased transaction pressure and develop a stable long-term solution. The estimated time for deploying this fix is ​​March 9, 2024, at 6:00 PM UTC.

This pause comes at a time when Solana’s SOL token has seen a slight decline of 0.68% in the 24 hours leading up to 10:40 UTC, trading at $130.81. Despite this, the coin has seen an impressive increase of over 17% on the weekly chart, according to data from CoinMarketCap.

Disruptions result from increased interest

This event follows previous performance issues that Binance and other prominent crypto exchanges, including Coinbase, Kraken, and Bybit, experienced last week. The outages are mainly the result of increased interest from retail investors and higher workloads of algorithmic trading firms, as explained by Ivo Crnkovic-Rubsamen, chief strategy officer and technical lead for trading on the dYdX exchange.

Binance’s announcement about the increased trading volume comes a day after Bitcoin hit a new all-time high, crossing the $69,200 mark on March 5. The increased activity in the crypto markets underlines the dynamic and rapidly changing nature of this sector.