
Attention Binance users and Horizen (ZEN) holders! An important announcement from one of the world’s largest crypto exchanges impacts your ability to move ZEN tokens. Binance has announced a temporary Binance ZEN suspension.
What’s Happening with Binance Horizen?
Crypto exchange Binance has officially stated it will temporarily halt deposits and withdrawals for the Horizen (ZEN) token. This action is scheduled to begin at 03:00 UTC on July 21. It’s crucial for users planning to move ZEN to or from the exchange to be aware of this deadline.
This isn’t a permanent halt, but a temporary measure taken by the exchange. Once the necessary technical work is completed, Binance will resume these services. They typically announce the reopening separately.
Why the Pause? Supporting the Horizen Contract Swap
The reason behind this suspension is to support a significant event for the Horizen network: a contract swap. A contract swap usually involves migrating tokens from an old smart contract address to a new one. This can happen for various reasons, such as network upgrades, improved tokenomics, or technical changes.
For token holders, a contract swap handled by an exchange like Binance is generally a smooth process. Binance manages the technical complexities of exchanging the old tokens for the new ones on behalf of its users. Suspending deposits and withdrawals ensures that all tokens held on the exchange during the swap period are accounted for and correctly migrated.
Here’s a simple breakdown:
- Before July 21, 03:00 UTC: Normal ZEN deposits and withdrawals function.
- Starting July 21, 03:00 UTC: Deposits and withdrawals are paused.
- During the pause: Binance handles the technical process of the contract swap for ZEN held on the exchange.
- After the swap: Binance assesses network stability and announces the resumption of services.
Actionable Steps Regarding ZEN Deposits Withdrawals
If you hold ZEN on Binance and do not plan to move it around the suspension time, you likely don’t need to do anything. Binance will handle the swap for you.
However, if you need to deposit ZEN to Binance or withdraw ZEN from Binance around July 21, you must complete these transactions before the 03:00 UTC deadline. Any deposits attempted after this time may not be credited, and withdrawal requests will be blocked.
Users holding ZEN in self-custody wallets might need to follow different procedures outlined by the Horizen project itself to participate in the contract swap. Binance’s announcement specifically concerns tokens held on their platform.
Impact on Trading and Other Services
The announcement specifically mentions deposits and withdrawals. Typically, trading of the ZEN token on Binance is not affected by such suspensions, but it’s always wise to check Binance’s official announcement for any mention of trading impacts.
Staying Informed on Crypto Exchange News
This event highlights the importance of staying updated with announcements from the exchanges you use and the projects you invest in. Binance communicates such service adjustments through its official website and announcement channels.
Users are encouraged to monitor Binance’s official sources for updates regarding the contract swap progress and the eventual resumption of ZEN deposit and withdrawal services.
Summary: Temporary Pause for a Network Upgrade
In conclusion, the temporary Binance ZEN suspension of deposits and withdrawals starting July 21 is a standard procedure to facilitate the Horizen contract swap. This pause ensures a smooth migration for users holding ZEN on the exchange. Plan any necessary ZEN deposits withdrawals before the deadline and rely on Binance to handle the technical aspects of the swap for your held tokens. Stay tuned to official channels for further crypto exchange news on when services will resume.
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