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Home Crypto News Market Binance Temporarily Suspends Solana Withdrawals Due to Multiple Withdrawal Requests with Blank...

Binance Temporarily Suspends Solana Withdrawals Due to Multiple Withdrawal Requests with Blank Transaction IDs

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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 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.

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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