The world’s leading cryptocurrency exchange has warned its users that some operations will be temporarily halted later this week.
Before that, it revealed the delisting of three altcoins, which will take effect in early September.
What Binance Users Need to Know
The company announcement that it will briefly suspend deposits and withdrawals on the Ethereum network on August 27 to support wallet maintenance. The process is expected to take approximately one hour, after which operations will resume.
As usual, Binance assured that it would handle all technical requirements involved for all affected users and stated that token trading on the aforementioned network would not be affected.
Upgrades of this type are common and generally do not cause any significant complications for customers. The company took over maintenance of the wallet on the Ethereum blockchain in May this year, and a few months later, it temporarily suspended TRX deposits and withdrawals to carry out a similar process. No problems were reported and operations were quickly restored.
In addition to supporting such upgrades, Binance is known to thoroughly review all digital assets listed on its platform and remove those that do not meet the necessary criteria, including the team’s commitment to the project, network stability against attacks, community engagement, trading volume, liquidity, and other factors.
Following his latest analysis, he decided to complete all services with ICON (ICX), Secret (SCRT) and Storj (STORJ). The delisting is scheduled for September 3, when all spot trading pairs of the aforementioned tokens will be removed.
The announcement was made less than a week ago and since then the affected coins have seen painful declines. SCRT, for example, recorded another 25% collapse in the last 24 hours alone.
Similar effect in the past
The fall in prices following such news should not come as a surprise. After all, Binance remains the largest cryptocurrency exchange, and removing support leads to reduced liquidity, reduced availability, and reputational damage.
A similar thing happened in early August when the company said goodbye to Across Protocol (ACX), Hashflow (HFT), PIVX (PIVX), Vulcan Forged PYR (PYR), Vanar (VANRY), and Viction (VIC). At the time, PIVX and PYR took the biggest hit, both plunging around 20% in a single day.
Double-digit declines were seen with Alchemix (ALCX), Ardor (ARDR), NFPrompt Token (NFP), and Marlin (POND) in June, when Binance also delisted them.
The article 2 Important Binance Updates Regarding ETH and Other Altcoin Traders appeared first on CryptoPotato.
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