Binance, the world’s largest cryptocurrency exchange, intermittently suspends withdrawals to the Solana network due to increased transaction volume.
Binance plans to address the issue and resume withdrawals starting March 9, according to an announcement released on March 6.
Withdrawals on the Solana (SOL) network have been sporadically suspended since March 4 due to the surge in transaction volume. Binance is working on optimization and aims to provide a stable, long-term solution by March 9, 18:00 (UTC).
Solana’s SOL token experiences a 0.68% decline in the 24 hours leading up to 10:40 am UTC, trading at $130.81. However, it sees a 17% increase on the weekly chart.
Last week, prominent crypto exchanges like Binance, Coinbase, Kraken, and Bybit faced performance issues. These outages are attributed to increasing retail interest and workload from algorithmic trading firms.
Ivo Crnkovic-Rubsamen, from dYdX exchange, attributes the outages to a surge in order placements and cancellations from algorithmic trading firms amid rapid price movements.
Binance’s notice coincides with Bitcoin‘s new all-time high above $69,200 on March 5. Bitcoin briefly surpassed the market cap of silver, ranking as the world’s eighth-largest asset.
Despite performance issues, Binance receives the Cyber Security Professional Merit Award under the banking and finance category, making it the only Web3 firm to receive such an award from Hong Kong authorities in 2024, as announced on March 6.
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