When it comes to the crypto space, it should be noted that much of the progress that has been seen is primarily due to the existence of crypto exchanges, and perhaps the most influential among those is Binance. In a new development, the exchange has announced that Ethereum withdrawals and deposits are going to be suspended in order to complete an upgrade on the ETH network.
The Ethereum network recently announced that there is going to be a Muir Glacier upgrade, and owing to that, Binance will update accordingly. The announcement was made in a blog post today.
That being said, it should be noted that those who are going to trade the ETH token have nothing to worry about as the upgrade is not going to affect normal trading activities in any way. However, Binance has not revealed when deposits and withdrawals are going to be reopened.
The exchange has stated that it will be back to normal if the exchange believes that the network is in a stable state. In the blog post in question, the exchange has asked its users to leave sufficient time so that any deposits can be processed.
>> Libra Lacks Strategic Plan for 2020 Launch, Says Board Member
In the blog post, the exchange further added, “We will handle all technical requirements involved for all users holding ETH in their Binance accounts.” These are interesting times for the Ethereum network since the upgrade comes close on the heels of another seminal event less than a month ago.
Less than a month ago, the network had its Istanbul hard fork, and the effects of the new network upgrade are also going to be closely watched by market participants. It has been revealed that the Muir Glacier upgrade has become necessary due to the Istanbul hard fork. That being said, crypto traders on Binance will be able to continue trading despite the slight disruption.
Featured image: DepositPhotos © Grey82