Urgent: Binance Suspends IOTX Deposits for Critical IoTeX Network Upgrade

Attention crypto traders and IoTeX enthusiasts! If you hold or trade IOTX on Binance, there’s an important announcement you need to know about. Binance, one of the world’s leading crypto exchanges, has just released information regarding upcoming changes impacting Binance IOTX operations.

Binance Suspends IOTX Deposits and Withdrawals

According to an official notice from the exchange, Binance will be temporarily suspending deposits and withdrawals for tokens operating on the IoTeX (IOTX) network. This action is scheduled to begin at 00:28 UTC on June 19th.

Here are the key details regarding this suspension:

  • What is affected: Deposits and withdrawals of tokens specifically on the IoTeX network.
  • When it starts: 00:28 UTC on June 19, 2024.
  • Why: In support of the upcoming IoTeX network upgrade and hard fork.
  • Duration: Temporary. Binance will reopen deposits and withdrawals once they deem the upgraded network stable.

It’s crucial to note that trading of IOTX on Binance will *not* be affected during this period. You can continue to trade IOTX pairs as usual. The suspension is solely for moving tokens onto or off the exchange via the IoTeX network.

Why the IoTeX Network Upgrade Matters

Network upgrades and hard forks are significant events for any blockchain. They are typically implemented to introduce new features, improve performance, enhance security, or fix bugs. The upcoming IoTeX network upgrade signifies the ongoing development and evolution of the IoTeX blockchain, aiming to make it more robust and efficient for its users and decentralized applications (dApps).

Think of it like a software update for your computer or phone – it’s necessary to keep the system running smoothly and introduce new capabilities. For a blockchain, these upgrades often require validators and exchanges to update their software to remain compatible with the new version of the network.

What Binance IOTX Users Need to Know

If you plan to deposit or withdraw IOTX using the IoTeX network around the scheduled time, you must complete these transactions before the suspension begins at 00:28 UTC on June 19th. Any attempts to deposit or withdraw via the IoTeX network after this time will likely fail or not be credited until services resume.

Key actions for users:

  • Plan Ahead: If you need to move IOTX, do it well before the deadline.
  • Stay Informed: Keep an eye on official Binance announcements for updates on when services will resume.
  • Trading Unaffected: Remember, spot trading, margin trading, etc., of IOTX pairs on Binance will continue normally. The suspension only impacts IOTX deposits withdrawals on the native IoTeX network.

Understanding the IoTeX Hard Fork

The term ‘hard fork’ might sound technical, but in simple terms, it means a significant upgrade to the blockchain’s protocol that is not backward compatible. It requires all participants (like exchanges running nodes) to upgrade to the new version. If they don’t, they will be left on the old chain. Supporting the IoTeX hard fork ensures that Binance remains on the main, updated IoTeX network.

Binance’s suspension is a standard procedure to manage user funds safely during such network transitions. It prevents potential issues like lost deposits or withdrawals that could occur if transactions are sent during the upgrade process when the network might be temporarily unstable or transitioning between versions.

In summary, Binance is temporarily suspending Binance suspends IOTX network deposits and withdrawals starting June 19th at 00:28 UTC to support the upcoming IoTeX network upgrade and hard fork. This is a temporary measure, and trading remains unaffected. Ensure you complete any necessary IOTX deposits withdrawals before the deadline and monitor Binance announcements for service resumption.

Be the first to comment

Leave a Reply

Your email address will not be published.


*