Important Binance Update for July 17th

The NFT Unicorn Binance_CB-8 Important Binance Update for July 17th Crypto News

TL;DR

  • Binance will suspend deposits and withdrawals for approximately one hour in mid-July, with trading services unaffected.
  • The company’s delisting of several altcoins recently caused significant price drops. A similar pattern was witnessed when Binance terminated services with the popular privacy coin Monero (XMR).

Brief Disruption on All Services

The world’s largest cryptocurrency exchange, Binance, announced that deposits and withdrawals for all networks will be suspended on July 17. The reason is a scheduled wallet maintenance that is supposed to take up to one hour.

The company assured that cryptocurrency trading will not be impacted during the process, while deposits and withdrawals will be reopened once “the network is deemed to be stable.”

It is important to note that Binance stated there will be no further announcements on the above. This means that whatever users come across on the Internet should be taken with a grain of salt.

Earlier this year, the company temporarily halted Solana (SOL) withdrawals due to “the increased volume of transactions on the network.” It apologized for the inconvenience and restored the service shortly after. 

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

Binance’s Listing/Delisting Efforts

The company also regularly updates its offerings to enhance user experience. A few days ago, it announced the delisting of BarnBridge (BOND), Dock (DOCK), Mdex (MDX), and Polkastarter (POLS). The reasons behind the move were not mentioned, although some might include poor trading volume, low public communication, and disrupted networks.

The affected altcoins saw their prices plummeting by double digits shortly after the disclosure. DOCK was the poorest performer, crashing by over 50% on a 24-hour scale.

Removing a certain cryptocurrency from a major platform like Binance can lead to a substantial price decrease due to reputational damage, reduced liquidity, diminishing investor confidence, and other setbacks. 

The same thing happened earlier this year when the exchange delisted Monero (XMR). The move was followed by a 35% price plunge for the popular privacy coin.

Besides terminating services with some assets, Binance often adds new trading pairs to respond to ongoing market trends. Last month, it included WIF/EUR, NOT/BRL, and TRU/TRY to Binance Spot.

 

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Source: CryptoPotato