Container creation fails on crio-k8

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Cluster information:

Kubernetes version: 1.24
Cloud being used: (put bare-metal if not on a public cloud) OCI
Installation method: manual
Host OS: Oracle Linux 7.9
CRI and version: crio 1.31

I have installed Kubernetes 1.24 with crio 1.31

Kubelet and crio services are running fine.
When I try to deploy, containers are not getting created.

Error:
crio error msg="Container creation error: sd-bus call: Cannot set property CPUQuotaPeriodUSec, or unknown property.: Read-only file system name=/runtime.v1.RuntimeService/CreateContainer

  1. Is k8 1.24 compatible with crio 1.31?
    Can you please help me here. Thanks.