Binance, the world’s largest cryptocurrency exchange and trading platform, has temporarily suspended withdrawals on the Solana network (SOL), according to a notice sent to users on Friday afternoon.
According to the announcement, the suspension follows a spike in failed on-chain transactions. The exchange said the issue has occurred intermittently since April 25.
“Withdrawals on the Solana network (SOL) have been suspended intermittently since 2022-04-25 (UTC) due to a high volume of withdrawals generating empty transaction IDs,” the message stated.
Binance added that the failures originate on-chain (on Solana) and therefore affect withdrawal processing.
“When it is confirmed that on-chain transactions have failed, the corresponding withdrawal requests will be rejected. The entire process takes at least four hours,” the exchange said.
Binance said it is working with the Solana team to identify a stable, long-term solution. Users will be notified of updates as they become available, the Binance team added.
Solana is currently the sixth-largest cryptocurrency by market capitalization, valued at $31.7 billion.
Over the past 24 hours it recorded trading volume exceeding $1 billion, with more than $160 million of that in the SOL/USDT pair on Binance.