Binance, the world’s largest cryptocurrency exchange by trading volume, has announced the suspension of Solana (SOL) withdrawals due to network issues.
The exchange passed the message across via its official Twitter handle a few hours ago. According to the report, the exchange is currently working with the project team to resolve the issues involved, assuring that normal transactions of SOL will resume soon.
The exchange further stated that SOL withdrawals may be occasionally paused depending on the network situation.
Binance 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.
“SOL withdrawals may be paused from time to time depending on the network situation. We apologise for any inconveniences caused. If you have any inquiries relating to issues surrounding the Solana network, please contact customer support.”
$SOL withdrawals may be paused from time to time depending on the network situation.
We apologise for any inconveniences caused. If you have any inquiries relating to issues surrounding the @solana network, please contact customer support.
— Binance (@binance) April 7, 2022
At the time of writing, further details in relation to the issues have not been communicated by the firm.
Solana (SOL) in the Market
In other news, traders of crypto futures lost over $400 million on Wednesday as most cryptocurrencies and stocks tumbled in response to the Fed’s intended rate hikes.
According to Coinglass data, Futures tracking Solana (SOL) saw $25 million in liquidation over the last 24 hours. Solana, the sixth-largest cryptocurrency by market capitalization, has fallen relatively 4% over the past 24 hours. At the time of press, SOL is priced at $117, according to CoinMarketCap.