Binance suspends withdrawals from the Solana network

Binance, the world’s leading cryptocurrency exchange, has announced that withdrawals on the Solana network SOL $87.14 Binance-Peg SOL -0.69% Market capitalization $95.91 million VOL. 24 hours $0.35 billion have been temporarily suspended. The reason is the increase in transaction volume.

The statement says that the restrictions will be in effect from March 4 to March 9.

«Binance has identified some areas for optimization and is working to provide a stable and long-term solution. The estimated date of resumption is March 9, 2024,» the statement said.

In January 2024, the volume of transactions on the Solana blockchain crossed the $ 951 billion mark, which was a «multi-year high.» Nevertheless, in early February, the blockchain experienced a failure — the network experienced a decrease in performance, and the production of new blocks was stopped.

At this time, the volume of blocked funds (TVL) in Solana increased to $ 2.64 billion.

As of the evening of Thursday, March 7, SOL is up 16.07% and is trading at $ 147. According to the analytical tracker CoinMarketCap, the total number of coins circulating on the market amounted to $ 65.1 billion. Traders made daily trading deals worth $ 6.6 billion.