Binance Temporary Suspends Solana Withdrawals

Binance said that it was aware of the current issues regarding withdrawals on the Solana network and has halted withdrawals for the time being.

• The platform revealed that it was working with the project team to resolve the issues.
• No other details have been divulged at the time of writing.
• Binance tweeted,

“SOL withdrawals may be paused from time to time depending on the network situation. We apologize for any inconveniences caused. If you have any inquiries relating to issues surrounding the Solana network, please contact customer support.”

• This isn’t the first time that Binance had faced an issue with the withdrawals of Solana. In fact, the platform had halted several times to clear the backlogs.
• In an earlier notice, the exchange had clarified that the network experienced congestion due to an increase in high compute transactions. This, in turn, shrunk its capacity to several thousand transactions per second. Some users even faced failed transactions.
• As reported earlier, the Solana network was down multiple times in the past year. Developers had suggested that this was the result of inordinate traffic on the blockchain.
• The latest development comes as the crypto market suffered yet another drawdown, with SOL, the 6th-largest cryptocurrency by market capitalization, recording a slump of more than 5% over the past 24-hours.
• As a result, SOL witnessed liquidation losses of over $25 million in the last 24 hours, as the latest data compiled by Coinglass. It was currently trading at $117.