In a recent announcement, Binance confirmed that it will pause deposit and withdrawal services for the Cosmos (ATOM) network to facilitate essential upgrades. This initiative aims to maintain seamless operations for users during altcoin transactions and enhance overall user experience. The halt in services will be in effect today, October 2, 2024, beginning at 17:00 GMT, and is anticipated to conclude shortly after the update starts at 18:00 GMT.
Why is Binance Suspending Services?
The suspension of deposit and withdrawal services is necessary to ensure a smooth transition during the network’s upgrade process. Binance aims to minimize any potential disruptions that could affect users.
How Will Users Be Impacted?
While deposits and withdrawals will be temporarily disabled, users can still engage in ATOM trading without any interruptions. This strategic precaution allows users to maintain trading activity while the underlying network is enhanced.
Binance has implemented multiple measures to protect users during this upgrade, ensuring that:
- Transaction losses will not occur during the upgrade.
- User balances will remain secure throughout the process.
- Trading of ATOM will continue unaffected by the service suspension.
After the successful completion of the upgrade, Binance will resume all services once stability is confirmed. Users will not be required to take any action, as the exchange will manage all technical aspects of the transition. Currently, ATOM has seen an 8.17% decline in price over the past 24 hours, trading at $4.48, with trading volume increasing to $178.18 million.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/binance-suspends-services-for-cosmos-network-upgrade