Binance Suffers Issue After BNB Smart Chain Network Upgrade

The world’s largest crypto exchange Binance suffered issues after the wallet maintenance for BNB Smart Chain (BEP20). The exchange has temporarily suspended deposits and withdrawals on the BNB Smart Chain as the team is working to resolve the issue.

According to an official announcement on March 30, Binance revealed it has temporarily suspended BSC deposits and withdrawals due to a node issue after the Binance Smart Chain (BEP20) network upgrade.

“Due to a node issue following the Binance Smart Chain (BEP20) network upgrade, we have temporarily closed BSC deposits and withdrawals. Our team is working to fixing the issue, with an estimated completion time of 1-hour.”

The wallet maintenance for BNB Smart Chain (BEP20) is expected to be completed by 11:00 UTC on March 30. Binance team is actively working to complete the maintenance as quickly as possible.

The scheduled wallet maintenance for the chain was announced on Tuesday, with investors aware of Binance suspending deposits and withdrawals on the BNB Smart Chain for two hours. However, users are impacted due to the extension of the wallet maintenance to another two hours.

This is the second time Binance has suffered issues in a week. On March 24, the exchange suspended all spot trading after the matching engine encountered a bug on the trailing stop order. Bitcoin and Ethereum prices fell after the announcement as the exchange remained offline on the trading part.

Bitcoin price fell over 0.50% during the scheduled Binance Smart Chain (BEP20) network upgrade. The BTC price is trading above $28,500 at the press time.

Ethereum price also fluctuated during the node issue, with the price currently trading at $1,805 at the press time.

Also Read: Binance’s Bitcoin, Ethereum, Stablecoins Netflow Reveals Stability Despite US CFTC Suit

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

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