Binance to Temporarily Suspend Deposits and Withdrawals on BNB Smart Chain Soon: Here’s Why
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Binance will temporarily halt deposits and withdrawals on BNB Smart Chain due to maintenance, but trading will not be affected.
BNB’s price has fallen amid the market rout, with a potential recovery expected following the release of former CEO Changpeng Zhao from prison.
The Next Effort
The world’s largest cryptocurrency exchange will conduct wallet maintenance for BNB Smart Chain (BEP20) on September 5. To support the process, it will temporarily halt deposits and withdrawals on the network. The maintenance is scheduled to take approximately two hours, and services will resume upon completion.
“Trading of token(s) on the aforementioned network will not be impacted. Binance will handle all technical requirements involved for all users,” the company assured.
BNB Smart Chain is a platform developed by the exchange that offers compatibility with the Ethereum Virtual Machine (EVM). It allows developers to migrate their projects from Ethereum without having to rewrite code.
BNB Smart Chain operates alongside BNB Beacon Chain (formerly known as Binance Chain). The specific architecture allows users to transfer assets between the two chains, providing additional opportunities for trading and decentralized applications (dApps).
