Binance Regulates SOL Withdrawals as the Blockchain Network Keeps Facing Issues

Binance Regulates SOL Withdrawals as the Blockchain Network Keeps Facing Issues

Solana withdrawals on Binance will get halted from time to time due to an overwhelming amount of withdrawal requests which caused failed user transactions.

On January 11th, Binance issued a statement regarding Solana's performance issues which led to a reduced transactions-per-second (TPR) rate. Binance said that it won’t be completely shutting down the withdrawal of SOL, but periodical pauses may be implemented.

"Withdrawals on Binance via the Solana (SOL) network may be paused from time to time to clear the backlog. We are actively working with the project to provide a stable, long-term solution." - Binance Team

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Over the course of a few months, Solana has been subject to a lot of performance issues, with two hitting the network just in the past two weeks. They were caused due to the same ongoing problem of transaction overload. Hopefully, Binance can help resolve the network issues that Solana is facing in the near future.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree


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