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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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How Can You Earn Money With Axie Infinity? (AXS Animated Explainer)

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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.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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