Major Binance Warning: The Exchange Will Briefly Suspend Deposits and Withdrawals Next Week

Binance users should prepare for a temporary interruption to some main services at the start of next week due to scheduled maintenance.

On the bright side, the disruption is expected to last only about an hour, after which all operations should return to normal.

Cause for Concern?

Binance announced it will perform an infrastructure wallet upgrade on September 22 and, to support the process, will temporarily stop deposits and withdrawals. The company said token trading will not be impacted during the maintenance. It also assured that everything will return to normal once the system is deemed stable.

Such endeavors are quite frequent and shouldn’t trigger panic across the community. Earlier this summer, for example, Binance briefly halted deposits and withdrawals on the Bitcoin (BTC) network to perform wallet maintenance.

Before that, it temporarily paused such operations on the Ethereum blockchain; other ecosystems affected by support for certain improvements include Cardano, BNB Chain, Tron, and others.

The outages have lasted from minutes to a few hours, with no reports of major issues or user complaints.

The Previous Updates

Just a few days ago, Binance disclosed that it will remove the following cross-margin pairs: ENJ/USDC, GENIUS/USDC, CVX/USDC, and VANA/USDC, as well as the isolated-margin pair GENIUS/USDC. It also vowed to terminate access to the BREV/USDC, COOKIE/USDC, LA/USDC, and QNT/USDC spot trading pairs. The delistings are scheduled for today (September 18).

The announcement caused little to no volatility for the involved cryptocurrencies. However, when Binance disallows all trading services for certain tokens, it is usually a completely different story. This August, for instance, Across Protocol (ACX), Hashflow (HFT), PIVX (PIVX), Vulcan Forged PYR (PYR), Vanar (VANRY), and Viction (VIC) collapsed by double digits after the exchange waved them goodbye.

On the other hand, backing has the opposite effect. The latest example is PONS, whose price spiked substantially after the company added it to its Binance Alpha section.

Besides its listings and delistings, the company issued a scam alert about phishing attacks targeting crypto investors. It warned that attackers send fake text messages that seem official, such as “Your account settings were changed:” or “Suspicious login detected,” to trick users into clicking malicious links that could result in painful losses.

“Remember: Binance will never ask you to tap a link in a text message to “verify” or “secure” your account,” the alert reads.

The post Major Binance Warning: The Exchange Will Briefly Suspend Deposits and Withdrawals Next Week appeared first on CryptoPotato.

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