Leading cryptocurrency exchange Binance has announced its backing for the forthcoming network upgrade and hard fork for the prominent altcoin Chiliz (CHZ), aiming to ensure a seamless experience for users during this technical development. To facilitate the upgrade, Binance will temporarily suspend deposits and withdrawals on the Chiliz network.
What Time Will Deposits and Withdrawals Be Suspended?
Deposits and withdrawals of tokens on the Chiliz network, including CHZ, will be temporarily halted by Binance around 10:00 AM UTC on June 17. This suspension is crucial to the upgrade process. Approximately an hour later, around 11:00 AM UTC, the actual network upgrade and hard fork will commence. Users should note that trading activities for CHZ coins will remain unaffected during this period, allowing uninterrupted trading.
When Will Services Resume?
Binance assured its users that the platform would manage all technical aspects of the upgrade, ensuring a smooth and efficient transition. By handling these technicalities internally, Binance aims to minimize any potential inconveniences, allowing users to continue their trading activities without concern.
Once the update is successfully completed, Binance will reopen deposits and withdrawals for CHZ and other Chiliz network tokens. The reopening will take place once the upgraded network is verified to be stable and secure. Binance also noted that no further notifications would be made regarding the resumption of these services.
Key Takeaways for Users
- Deposits and withdrawals for CHZ will be suspended at 10:00 AM UTC on June 17.
- Trading of CHZ will remain active during the upgrade.
- Binance will handle all technical details of the upgrade.
- Services will resume once the network is stable and secure.
The network upgrade and hard fork are part of ongoing efforts to improve the performance and security of the Chiliz network. Such updates are essential for maintaining the integrity and efficiency of blockchain networks to meet growing demand and provide better services to users.
