Binance Temporarily Suspends Withdrawals on Solana (SOL) Network

Leading cryptocurrency exchange by trading volume, Binance has temporarily suspended withdrawals on the Solana (SOL) network for the time being amid current network issues. Binance Temporary Halts Solana Withdrawals Yet Again Binance noted in its recent announcement release that the Solana (SOL) network has been suspended a few times since April 25. “This is due to 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,” the platform clarified in the announcement release. Binance says it is actively working with the project team to provide a stable, long-term solution to reduce transaction failure and enhance the user experience and will provide updates on the situation if need arises. Apart from SOL, APE Also Temporarily Suspended This isn’t the first time Binance had temporarily halted withdrawals on the Solana network. Earlier three weeks ago, the platform did the same move after clarifying that the blockchain network experienced congestion amid high withdrawal volume. Apart from Solana, the exchange has also suspended the APE lending function, citing reasons of excessive demand and that the amount of APE remaining for lending was insufficient. For instance, data from Coinglass shows that futures tracking ApeCoin’s APE tokens lost about $40 million in liquida...