Binance has announced an upcoming upgrade for the Celo network that will lead to a pause in deposits and withdrawals for tokens. This article outlines the details of the event.
Pause on Deposits and Withdrawals for Celo
To facilitate the upgrade, Binance will pause deposits and withdrawals for CELO and all associated tokens starting at 17:00 UTC on the day of the upgrade. The actual upgrade is expected to take place at 18:00 UTC.
Importance of the Network Upgrade
This upgrade is part of the ongoing development of Celo aimed at implementing technical improvements. These changes play a crucial role for the Celo ecosystem, as they focus on enhancing performance and functionality across its decentralized infrastructure.
Trading Continuation and Function Restoration
Despite the pause on deposits and withdrawals, trading for CELO tokens on Binance will continue uninterrupted. Users will still be able to buy and sell assets on the exchange as the update will not impact market activity. Once the upgrade is successfully completed, deposit and withdrawal functionalities will be restored, although there will be no separate announcement about the reopening.
The Celo network upgrade represents an important step forward for the ecosystem, which is expected to improve its performance and capabilities.
