Binance, a leading cryptocurrency exchange, has announced a temporary halt on deposits and withdrawals involving IoTeX due to an upcoming network upgrade.
Measures Taken by Binance
To facilitate the planned upgrade by the IoTeX team, Binance will temporarily suspend IOTX deposit and withdrawal services. This decision aims to ensure a successful and secure network transition.
Reasons for Temporary Suspension
This suspension aims to protect user interests by preventing any transaction setbacks or losses, with the measures set to commence at 03:28 AM TST.
Key Points of the Upgrade
The upgrade is expected to begin once the IoTeX network reaches block number 36,893,881, anticipated at 04:28 AM TST. Binance will oversee the technical intricacies, assuring users that no further action will be necessary on their part.
Binance's careful preparation and execution are expected to minimize any disruptions. Users can look forward to a resumption of normal operations following confirmation of network stability.
