Binance, the leading cryptocurrency exchange, has temporarily halted withdrawals on the Solana network.
The crypto exchange has announced plans to address the issue and anticipates restoring services by March 9.
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Binance revealed that withdrawals on the Solana (SOL) network have been intermittently suspended since March 4, 2024, due to the network's unusually high transaction volume.
The crypto exchange "has identified some areas for optimization" and is working to offer a durable solution, which is expected to be provided by 6:00 p.m. UTC on March 9.
Amid these challenges, Binance continues receiving recognition for its cybersecurity efforts, further cementing its position as a trusted leader in cryptocurrency exchange.
The timing of Binance's announcement closely follows a landmark moment for Bitcoin, which achieved a new all-time high above $69,200 on March 5.
In other Binance-related news, the crypto exchange has announced the discontinuation of all services involving the Nigerian naira (NGN) by March 8 due to regulatory challenges. Users are urged to withdraw or convert their NGN holdings before the deadline, as the remaining NGN balances will be automatically converted to Tether (USDT).
