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.
Per the notice, the suspension of SOL withdrawals follows high volumes of transaction failures. The exchange explained that the problem has been experienced a number of 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 added that the failures start on-chain (on Solana) and thus affect the 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. Users will be notified once there are updates on this, the Binance team added.
Solana is currently the sixth-largest cryptocurrency by market cap at $31.7 billion.
In the past 24 hours, it has recorded a trading volume of over $1 billion, with more than $160 million of that in the SOL/USDT pair on Binance.