Binance, the world’s largest cryptocurrency exchange and trading platform, has suspended withdrawals on the Solana (SOL) network, according to a notice given to its users on Friday afternoon.
The following is the noticeAfter high volume of transactions failing, SOL withdrawals are suspended. The exchange stated that the problem had been encountered several times since 25 April.
“Withdrawals on the Solana (SOL) network have been suspended for a few times since 2022-04-25 (UTC). This is due to high withdrawal volume generated with blank transaction IDs,” the notice read.
Binance said that failures can start on Solana (on the chain) and affect withdrawals.
“Once it is confirmed that the on-chain transactions failed, the corresponding withdrawal requests would be rejected. The entire process takes at least four hours.”
The exchange says it’s collaborating with Solana to find a “stable, long-term solution” to the problem. Binance’s team said that users will be notified if there are any developments.
Solana, currently at $31.7 billion, is the sixth-largest cryptocurrency market cap.
It has traded over $1 billion in the last 24 hours. More than $160 million of this was recorded on Binance’s SOL/USDT currency pair.