The world’s largest cryptocurrency exchange by trade volume Binance has suspended Solana’s withdrawal for the second time this month.
Binance, the world’s largest exchange by trade volume, has halted withdrawals for Solana (SOL) due to technical issues associated with users’ withdrawal requests.
Popular Twitter crypto news outlet Wu Blockchain reported today that the exchange had to suspend Solana’s withdrawal after multiple withdrawal requests were included in blank transaction IDs.
“Once it is confirmed that the on-chain transactions failed, the withdrawal requests [get] rejected,” Wu Blockchain adds.
Binance has announced the suspension of withdrawals from the Solana (SOL) network. This is due to high withdrawal volume generated with blank transaction IDs. Once it is confirmed that the on-chain transactions failed, the withdrawal requests rejected. https://t.co/5KiUnjCd2O
— Wu Blockchain (@WuBlockchain) April 29, 2022
Binance writes:
“This is due to the high withdrawal volume generated with blank transaction IDs. 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.”
At the time of writing, it is not clear whether the issue is from Solana or Binance, but the exchange’s technical team seems to be doing everything possible to ensure the withdrawal service for the sixth-largest cryptocurrency by market capitalization is back online.
Not New
The recent development marks the second time Binance will be halting withdrawals for Solana this month. On April 7, 2022, Binance announced that it would suspend withdrawal for Solana because of a network glitch experienced at the time.
”Updates on $SOL withdrawals: We would like to inform you that we are aware of the current issues regarding withdrawals on the @solana network. #Binance is working with the project team to resolve these issues as soon as possible,” the exchange tweeted.
Updates on $SOL withdrawals:
We would like to inform you that we are aware of the current issues regarding withdrawals on the @solana network. #Binance is working with the project team to ensure that these issues are resolved as soon as possible.
— Binance (@binance) April 7, 2022
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Source: https://thecryptobasic.com/2022/04/29/binance-temporarily-suspends-solana-sol-withdrawals-due-to-multiple-withdrawal-requests-with-blank-transaction-ids/?utm_source=rss&utm_medium=rss&utm_campaign=binance-temporarily-suspends-solana-sol-withdrawals-due-to-multiple-withdrawal-requests-with-blank-transaction-ids