Major Binance Announcement Concerning Solana (SOL) Withdrawals: Details

TL;DR

• Binance paused Solana (SOL) withdrawals, planning to resume the service by the end of the week.
• Solana’s price remained stable despite the halt, amid Binance’s broader platform adjustments.

The largest cryptocurrency exchange temporarily suspended Solana (SOL) withdrawals due to “the increased volume of transactions on the network.” 

“Binance has identified some areas for optimization and is working to provide a stable and long-term solution,” the company stated.

The firm apologized for the inconvenience, adding that the service has been unavailable since March 4. It is expected to be introduced back to users on March 9. 

SOL has not experienced any significant price swings in the past several hours, trading at almost the same levels observed yesterday (March 5).

This is not the first announcement coming from Binance since the beginning of this week. As CryptoPotato reported, it added Filecoin (FIL), NEAR Protocol (NEAR), Stellar (XLM), EOS (EOS), Injective (INJ), and Alien Worlds (TLM) as new loanable assets on Binance Loans.

The exchange also plans to remove 16 margin trading pairs, such as ALICE/BTC, BAL/BTC, OAX/BTC, SXP/BNB, BOND/BTC, CHESS/BTC, HARD/BTC, and more on March 15.