Important Binance Update for July 17th

Long summary

• Binance will suspend deposits and withdrawals for about an hour in mid-July, with trading services not affected.
• The company’s recent delisting of several altcoins has caused significant price drops. We saw a similar pattern when Binance ended services with the popular privacy coin Monero (XMR).

Temporary interruption of all services

The world’s largest cryptocurrency exchange, Binance, Advertise Deposits and withdrawals will be suspended for all networks on July 17. The reason is scheduled wallet maintenance which is supposed to take up to 1 hour.

The company confirmed that cryptocurrency trading will not be affected during the process, while Deposits and withdrawals will be reopened. Once the network is considered stable.

It is important to note that Binance has stated that there will be no further announcements regarding the above. this It means that any user coincidence Information available on the Internet should be taken with caution.

Earlier this year, the company temporarily halted Stopped Solana (SOL) announced its withdrawal from the exchange due to “increased volume on the network.” The company apologized for the inconvenience and restored the service shortly after.

In May, Binance I stopped Deposits and withdrawals on the Ethereum (ETH) network to perform wallet maintenance. The process took approximately 2 hours to complete.

Binance Listing/Delisting Efforts

The company also regularly updates its offerings to improve user experience. A few days ago, Advertise Delist BarnBridge (BOND), Dock (DOCK), Mdex (MDX), Polkastarter (POLS). Reasons behind this move has not been mentionedAlthough some of them may include low trading volume, low overall connections, and downed networks.

Affected Altcoins They have seen their prices drop. In double digits shortly after disclosure. DOCK performed the worst, down over 50% on a 24-hour scale.

Removal to be sure Cryptocurrency from Main A platform like Binance can lead to significant price drops due to reputational damage, decreased liquidity, decreased investor confidence, and other setbacks.

The same thing happened. Earlier this year When the exchange delisted Monero (XMR). the movement He was He follows A 35% drop in the price of the popular privacy-focused cryptocurrency.

In addition to ending services with certain assets, Binance often adds new trading pairs to respond to ongoing market trends. Last month, He. She included WIF/EUR, NOT/BRL, and TRU/TRY to Binance Spot.