written by Phil Bergman of Jungle Music Nursery, March 13, 2013
You will see this occur, especially with rapid growing species like the Queen Palm. I think it's probably growing so fast that the outer bark cannot keep up; thus the splits. The main point I want to make is that you should do nothing with the cracks. Don't "seal them up". Consider it a would that you leave open. Sealing it might cause fungus or bacteria to take hold and cause problems. Over time, the cracks will remain but most likely the tree will do fine.
Jungle Music Palms and Cycads