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Crypto exchange Binance said Solana withdrawals have been suspended until Mar. 9 as it has identified ‘some areas for optimization.’
In a press release on Mar. 6, crypto exchange Binance revealed that withdrawals on the Solana (SOL) network have been “intermittently suspended” since Mar. 4, citing the “increased volume of transactions on the network” as the reason behind the move.
Binance also added it had identified “some areas for optimization” and is currently engaged in efforts to rectify the situation, but did not elaborate on whether those areas related to the exchange or the Solana network itself. Despite the lack of clarity on the duration of the suspension, Binance has scheduled the implementation of a “long-term solution” for Mar. 9 at 18:00 (UTC).
Solana’s network status | Source: Solana Status
While Solana’s status page indicated that the last time the network faced difficulties on Feb. 6 — when the network faced a five-hour outage — Solana has not made any public statements regarding network stability in response to Binance’s decision to suspend withdrawals. As of press time, it’s unclear if Binance’s move to suspend withdrawals related to the network’s stability at all.
Binance’s decision coincides with Solana’s SOL token experiencing a surge in daily trading volume, reaching $9.5 billion, mirroring figures last seen in September 2021, when SOL was trading at $209, according to CoinMarketCap. As of press time, SOL is trading at $130.
