Binance Temporarily Suspends Solana (SOL) Withdrawals Due to Massive Rise in Transaction Volume

Binance Customer Support announced on X (formerly known as Twitter) that the platform is in the process of refilling the hot wallet for SOL withdrawals

Binance, the leading global cryptocurrency exchange, has halted Solana (SOL) withdrawals due to a massive surge in transaction volume, it emerged on Friday, December 23.

Binance Customer Support announced on Twitter that the platform is refilling the hot wallet for SOL withdrawals through the BSC Network.

"Hi Tochukwu,

Upon checking, the SOL withdrawal via the BSC network is currently suspended. All currency wallets on Binance undergo maintenance at irregular intervals. This is a normal operation to ensure our platform runs smoothly and prevents issues. For specific details about SOL withdrawals via the BSC network, please keep an eye out on the official Binance announcement channels for the latest updates.

Thanks for your patience and understanding!"

The issue came to light when a Binance user inquired on Twitter about the inability to withdraw SOL tokens.

This period also corresponds with the launch of the Trump meme coin on Solana by US elect- President Donald Trump, which has attracted liquidity away from other tokens in the crypto market.

The meme coin can be purchased using either a debit card or another cryptocurrency.

As per the reports by Coin Market Cap, the price of Solana stands at $239.22, having increased by 11.42% in the past 24 hours and pumped by 29.15% over the last week.

In the meantime, Binance has asked users to set reminders to receive notifications regarding the resumption of SOL withdrawals.

However, the platform has not provided a timeline for when this feature will be restored, though it is expected to resume soon.

Also Read: $TRUMP Memecoin Becomes Internet Top Trendsetter Within Hours