The number 1 crypto exchange by total users, trading volume, and many other metrics will conduct two wallet maintenance sessions later this week.
The process will disrupt some important operations, though it is expected to conclude swiftly.
Binance revealed that it will perform wallet maintenance for the Ethereum network on April 7, and that deposits and withdrawals on that network will be temporarily suspended during the procedure. The maintenance is set to last about one hour, after which all services will resume.
“Deposits and withdrawals for token(s) on the aforementioned network will be reopened once the upgraded network is deemed to be stable. No further announcement will be posted,” the announcement reads.
The company also clarified that token trading on the Ethereum network will not be affected and promised to handle all technical requirements for affected users.
Binance will also support the upcoming TON Network (TON) Catchain 2.0 upgrade on the same date, an effort projected to increase block production speed and overall transaction performance. To guarantee a smooth transition, the exchange will briefly pause deposits and withdrawals “if adjustments are required.”
In line with the aforementioned disclosure, the company stated it will take care of all technical procedures and that token trading on the TON network will continue uninterrupted.
Those are standard operations that Binance has carried out multiple times over the years. Last month, it also temporarily paused deposits and withdrawals on the Ethereum network to support a certain upgrade. Prior to that, it implemented similar measures to facilitate improvements across different ecosystems, including BNB Smart Chain, Cardano, and others.
The company has been quite active lately and has added more trading options for its clients. Last week, it listed APT/U, ENA/U, FET/U, NIGHT/U, TRUMP/U, WLD/U, and TRUMP/USD1 to its Cross Margin program: an initiative once again focused on the stablecoin United Stables (U).
At the same time, it said the trading pairs ALT/BNB, ARB/TUSD, BNB/ARS, GALA/ETH, INJ/BNB, SOLV/FDUSD, and XRP/TUSD are no longer available because they don’t comply with the necessary criteria.
Perhaps the most important development is Binance’s plan to introduce a prediction market feature by aggregating platforms from third-party providers. The upcoming product will allow users to place bets on outcomes across a wide range of categories, such as sports, economics, global events, crypto, and more. To access the new feature, clients will need to update the Binance app to the latest version.
Prediction markets have surged in popularity recently, and some of the exchange’s main competitors, including Coinbase and Crypto.com, have already joined the trend.
The post Binance Will Temporarily Pause Transfers on the Ethereum Network This Week: What’s Happening? appeared first on CryptoPotato.
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