Binance Temporarily Halts All Solana Withdrawals
Binance has temporarily suspended withdrawals to the Solana (SOL) network due to increased transaction volume.
The world’s largest crypto exchange announced that it is working on a stable and long-term solution, with an estimated implementation date of 2024-03-09 18:00 (UTC).
Other exchanges experiencing increased transaction traffic and issues include Coinbase, Kraken, and Bybit.
The news of Binance’s halt coincided with a drop in Solana’s price, dropping to lows of $117. However, the broader crypto market appeared to bounce alongside Bitcoin, with the flagship cryptocurrency trading above $67,000 on Wednesday morning. The altcoin’s value rebounded after reaching an all-time high above $69,000 on March 5, 2024.
(With inputs from Shikha Singh)
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