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Binance has briefly halted Solana withdrawals

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Binance, the world’s largest cryptocurrency trade and buying and selling platform, has suspended withdrawals on the Solana (SOL) community, in accordance with a discover given to its customers on Friday afternoon.

Per the discover, the suspension of SOL withdrawals follows excessive volumes of transaction failures. The trade defined that the issue has been skilled a lot of instances since 25 April.

Withdrawals on the Solana (SOL) community have been suspended for a couple of instances since 2022-04-25 (UTC). This is because of excessive withdrawal quantity generated with clean transaction IDs,” the discover learn.

Binance added that the failures begin on-chain (on Solana) and thus have an effect on the withdrawals.

As soon as it’s confirmed that the on-chain transactions failed, the corresponding withdrawal requests could be rejected. Your complete course of takes at the very least 4 hours.”

The trade says it’s collaborating with Solana to discover a “steady, long-term resolution” to the issue.  Customers will likely be notified as soon as there are updates on this, the Binance group added.

Solana is at present the sixth-largest cryptocurrency by market cap at $31.7 billion

Prior to now 24 hours, it has recorded a buying and selling quantity of over $1 billion, with greater than $160 million of that within the SOL/USDT pair on Binance.

The put up Binance has briefly halted Solana withdrawals appeared first on Coin Journal.

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