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Increased Suspensions of Withdrawals on Solana Network by Binance

Binance, the worldÔÇÖs largest cryptocurrency exchange, has intermittently suspended withdrawals to the Solana network, citing the reason as the ÔÇ£increased volume of transactions.ÔÇØ

As per the Binance announcement released on March 6, the exchange expects to implement a solution to the issue and resume withdrawals starting March 9.

The announcement stated, ÔÇ£Withdrawals on the Solana (SOL) network have been intermittently suspended since 2024-03-04 due to the increased volume of transactions. Binance has identified some areas for optimization and is actively working to provide a stable and long-term solution. The estimated implementation date of the solution is set for 2024-03-09 18:00 (UTC).ÔÇØ

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SolanaÔÇÖs SOL token saw a 0.68% decline in the 24 hours leading up to 10:40 a.m. in UTC, trading at $130.81, according to CoinMarketCap data. Despite this short-term dip, the coin has recorded a significant increase of over 17% on the weekly chart.

Challenges in the Crypto Exchange Sector

Recently, major crypto exchanges like Binance, Coinbase, Kraken, and Bybit encountered performance issues attributed to the surge in retail interest and the increased workloads from algorithmic trading firms. Ivo Crnkovic-Rubsamen, the chief strategy officer and technical lead for trading at the dYdX exchange, highlighted this in an exclusive interview with Cointelegraph.

He mentioned, ÔÇ£Due to the high retail interest and rapidly changing price action, algorithmic trading firms are significantly amplifying the rate of order placements and cancels to maintain their positions. During peak times, a trading firm may increase the output of orders and cancels by up to 20 times.ÔÇØ

Bitcoin’s Impact and Binance’s Recognition

BinanceÔÇÖs notice of escalating trading volumes followed Bitcoin’s record-breaking surge above $69,200 on Mar. 5. During this time, Bitcoin briefly surpassed the market capitalization of silver, ranking as the worldÔÇÖs eighth-largest asset momentarily.

Despite the recent performance challenges, Binance was honored with the Cyber Security Professional Merit Award under the banking and finance category. Notably, it was the only Web3 firm to receive such recognition from Hong Kong authorities in the current year, as announced by the exchange on March 6.

Related: Bitcoin just had its best day ever ÔÇö Is $100K BTC price programmed?