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Binance has actually quickly stopped Solana withdrawals

Binance, the world’s biggest cryptocurrency exchange and trading platform, has actually suspended withdrawals on the Solana (SOL) network, according to a notification provided to its users on Friday afternoon.

Per the notification, the suspension of SOL withdrawals follows high volumes of deal failures. The exchange described that the issue has actually been experienced a variety of times considering that 25 April.

Withdrawals on the Solana (SOL) network have actually been suspended for a couple of times given that 2022-04-25(UTC). This is because of high withdrawal volume produced with blank deal IDs,” the notification read.

Binance included that the failures begin on-chain (on Solana) and therefore impact the withdrawals.

Once it is verified that the on-chain deals stopped working, the matching withdrawal demands would be declined. The whole procedure takes a minimum of 4 hours

The exchange states it’s working together with Solana to discover a “steady, long-lasting option” to the issue. Users will be informed when there are updates on this, the Binance group included.

Solana is presently the sixth-largest cryptocurrency by market cap at $317 billion.

In the past 24 hours, it has actually taped a trading volume of over $1 billion, with more than $160 countless that in the SOL/USDT set on Binance.

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