Binance temporarily halted withdrawals on the Solana network

The timing of the resumption is not yet known

30.04.2022 - 10:00

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What’s new? The Binance cryptocurrency exchange has temporarily halted withdrawals to Solana due to current network problems. The exchange’s blog indicates that withdrawals have already been suspended several times since April 25. Binance representatives said that this is due to the high volume of withdrawals with blank transaction IDs.

Information on the Binance blog

What else does the platform say? Binance and the Solana team are actively working to create a stable and long-term solution to reduce the number of failed transactions and improve the quality of service. The blog information will be updated as the situation changes.

What happened before? On April 27, the co-founder of the Solana blockchain Anatoly Yakovenko stated that the Bitcoin network should switch to the Proof-of-Stake (PoS) consensus algorithm. He said that in addition to the negative environmental impact of Proof-of-Work (PoW), it would be “simply more efficient to build a proof of stake system.”

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