Binance, the world’s largest cryptocurrency exchange and trading platform, announced Friday afternoon that it has suspended withdrawals on the Solana (SOL) network, according to a notice sent to users.
The notice explained that the suspension follows a series of failed transactions on the SOL network. Binance said the issue has recurred several times since April 25.
“Solana (SOL) network withdrawals have been suspended several times since 2022-04-25 (UTC). This is due to a large number of withdrawals generated with blank transaction IDs,” the notice read.
Binance added that because the failure originates on-chain (on Solana), it directly affects withdrawals.
“Once an on-chain transaction is confirmed to have failed, the corresponding withdrawal request will be rejected. The overall process takes at least four hours,” the notice said.
The exchange said it is working with the Solana team to identify a stable, long-term solution, and that users will be informed of any updates.
Solana is currently the sixth-largest cryptocurrency by market capitalization, valued at approximately $31.7 billion.
Over the past 24 hours Solana has recorded more than $1 billion in trading volume, with over $160 million traded in the SOL/USDT pair on Binance.