Binance Suspends Solana (SOL) Withdrawals, Heres Why

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Binance Suspends Solana (SOL) Withdrawals, Heres Why

Binance has paused the withdrawal of SOL coins through Solana Network after it recorded a high withdrawal volume. The move comes as Donald Trump launched TRUMP meme coin on Solana, taking the liquidity from other tokens in the crypto market today.

Binance Halts Solana (SOL) Withdrawals Temporarily

Binances customer support on X said that the platform was replenishing the hot wallet for SOL withdrawal through the BSC Network. The incident came to light after a Binance user posted their question on X, asking the platform why it was not allowing SOL withdrawals.

Source: Binance

SOL withdrawals in high volume could be a culmination of enthusiasm around the meme coin and a surge of 11.23% in its token value over the past 24 hours.

An increased enthusiasm around SOL is likely the result of the launch of TRUMP meme coin which is now live on Solana. It can be bought using a debit card or a cryptocurrency.

Meanwhile, Binance has asked users to register to receive notifications when SOL withdrawals resume. The platform has not given a timeline but the withdrawal function should resume soon.

SOL price is now at $236.38, which also reflects an uptick of 26.90% in the last 7 days and an increase of 12.39% in the last 1 month. The 24-hour trading volume has jumped by 57.02%, with an increase of 11.19% in the market cap.

Coinbase Notifies Impact on SOL Withdrawals

According to a Coinbase update, some users may be experiencing delays in sending or receiving SOL tokens. However, buys, sells, and fiat withdrawals or deposits have not been affected so far. Coinbase has stated that it is investigating the issue and will provide an update on the matter at the earliest.