In a significant update, Binance has announced the suspension of deposit services for TROY (BSC) starting yesterday, January 2, 2025. The decision stems from a potential security concern related to the TROY-BEP20 token contract, with Binance emphasizing its commitment to user security.
Binance Ends Support for TROY on BSC Network
Binance has officially stopped support for deposits of TROY tokens issued on the BNB Smart Chain (BSC) network. The exchange revealed that it attempted to verify the escrow details with the project team regarding the tokens minted on BSC. However, insufficient responses from the project team prompted Binance to take precautionary measures. The exchange assured users that it will resume deposit services only if the security concerns are resolved to its satisfaction. Binance also noted that no further announcements will be made on this matter unless significant updates emerge.
Implications for investors
These actions by major exchanges like Binance highlight the importance of staying informed about platform updates and adjusting strategies accordingly. Investors are advised to monitor announcements from Binance and other exchanges to ensure smooth trading. As reported by Dey There, such precautionary measures increase confidence in the crypto industry by promptly addressing potential vulnerabilities. Binance’s approach serves as a reminder of the importance of due diligence and security in the evolving crypto landscape.
Sources:
1. Coinmarkecap
2. BINANCE 
