Binance halts Solana (SOL) withdrawals until Mar. 9, citing optimization needs. Efforts underway for rectification. Solana's daily trading volume surges to $9.5 billion amidst suspension.
Cryptocurrency exchange Binance has announced the temporary suspension of Solana withdrawals until March 9 due to identified areas for improvement.
According to a statement released on March 6, Binance disclosed that withdrawals on the Solana (SOL) network have been halted intermittently since March 4, attributing the decision to the increased transaction volume on the network.
Binance acknowledged the need for optimization and is actively working towards resolving the issue. However, specific details regarding the areas requiring improvement were not provided, leaving uncertainty as to whether they pertain to the exchange or the Solana network itself. Despite the lack of clarity on the duration of the suspension, Binance has set March 9, 18:00 (UTC) as the deadline for implementing a long-term solution.
While Solana's status page recorded the network's last difficulty on February 6, during a five-hour outage, Solana has not issued any statements regarding network stability following Binance's decision to suspend withdrawals. At present, it remains uncertain if Binance's action is related to the network's stability.
Binance's decision aligns with a significant surge in daily trading volume for Solana's SOL token, reaching $9.5 billion. This surge mirrors figures from September 2021, when SOL was trading at $209, according to CoinMarketCap. As of now, SOL is trading at $130.