Binance to End Support for Two Crypto Networks, When and Why?

Major crypto exchange Binance has announced that it will cease support for deposits and withdrawals on selected networks.

In an official statement, Binance stated that it will cease support for deposits and withdrawals of two tokens via stipulated networks from June 16 at 8:00 a.m. (UTC). The two tokens and the network listed are Stafi (FIS) via BNB Smart Chain and Measurable Data Token (MDT) via BNB Smart Chain.

Binance warns that any deposits made using the above networks after June 16 at 8:00 a.m. (UTC) may not be credited and may result in asset loss. In light of this, users are urged to withdraw or transfer assets before this date.

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Binance added that users would be able to deposit or withdraw the above using other networks supported by Binance. Users should always check addresses to verify they are not sending to unsupported chains after the deadline.

Why?

While the exact reason for the discontinued support remains unknown, the decision might be part of Binance’s ongoing efforts to streamline operations and ensure optimal network performance for its users.

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The move comes after the two tokens were added to the Binance Monitoring tag list in the past week. Binance has expanded its Monitoring Tag list to include Beefy (BIFI), StaFi (FIS), Komodo (KMD) and Measurable Data Token (MDT). Tokens with the Monitoring Tag are at risk of no longer meeting Binance’s listing criteria and being delisted from the platform.

Binance also delisted four spot trading pairs following its recent review: ACX/FDUSD, IDEX/FDUSD, ORCA/FDUSD, THETA/FDUSD and XAI/FDUSD.

To safeguard users and maintain a high-quality trading market, Binance examines all listed spot trading pairs regularly and may delist some spot trading pairs for a variety of reasons, including low liquidity and trade volume.