Binance, one of the largest cryptocurrency exchanges in the world, made an announcement that could be effective for some altcoins. Binance has temporarily suspended BEP20 services for some altcoins. Here are the details…
Binance had trouble with network upgrade
On March 30, Binance Smart Chain (BEP20) announced that it is temporarily shutting down deposit and withdrawal services due to node issues after a network upgrade. The Exchange team is working diligently to resolve the issue. cryptocoin.com As we have also reported, during the update that started today morning, all deposits and withdrawals on BNB Smart Chain (BEP20) were suspended for an estimated two hours. After the maintenance was completed, the exchange would resume normal deposit and withdrawal services.
However, due to unforeseen node issues, Binance had to extend its ongoing wallet maintenance for BNB Smart Chain (BEP20) by approximately 1.5 hours, i.e. until 15:00 CEST. The exchange is actively working to complete the maintenance as soon as possible. It was stated that there will be no further announcements regarding the resumption of deposit and withdrawal services after the maintenance is completed.
Binance Smart Chain is a Blockchain network that works in parallel with Binance Chain, providing users with fast and low-cost transactions. The BEP20 token standard is a technical standard for smart contracts on the BNB Smart Chain, similar to the ERC20 standard used for smart contracts on the Ethereum network.
These altcoins may be affected by the situation
The temporary shutdown of deposit and withdrawal services on BNB Smart Chain (BEP20) is likely to have some impact on traders and investors using the platform. However, the extension of the maintenance period shows that Binance is committed to solving the problem. In recent months, Binance has been in the news for a variety of reasons, including regulatory issues in some countries. Notably, the cryptocurrency exchange was sued by the CFTC in the US this week.
As a result, it was unfortunate for its users that Binance temporarily shut down deposit and withdrawal services on Binance Smart Chain (BEP20) due to node issues. Traders and investors on the platform are encouraged to follow Binance’s latest announcements regarding the resumption of deposit and withdrawal services. Still, this development in BNB Chain has raised concerns about BNB Chain-based cryptocurrencies. BNB Chain-based coins include the following cryptocurrencies. It is worth noting that these have entered the market on Ethereum, Tron networks, as well as the BEP-20 token standard.
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