Cryptocurrency exchange Binance has issued an important update to its users concerning two altcoins: Chiliz (CHZ) and MultiversX (EGLD). The company announced upcoming network upgrades and hard forks for these cryptocurrencies, detailing the impact on deposits and withdrawals.
What Changes Are Coming for Chiliz?
Binance revealed that the Chiliz (CHZ) network upgrade and hard fork are scheduled to take place at block height 13,189,711, roughly translating to May 20, 2024, at 10:00 AM Turkey time. As a result, the exchange will suspend deposits and withdrawals on the Chiliz network beginning at approximately 9:00 AM Turkey time on the same day.
When Will MultiversX Be Affected?
The MultiversX (EGLD) network is set to undergo its upgrade on May 21, 2024, at 7:20 PM Turkey time. Binance has announced that it will halt deposits and withdrawals for MultiversX tokens starting from approximately 6:20 PM Turkey time on that day. This pause is necessary to ensure the smooth implementation of the upgrade.
Key Takeaways
Users should note the following critical points:
- Deposits and withdrawals for Chiliz (CHZ) will be suspended from 9:00 AM on May 20, 2024.
- MultiversX (EGLD) transactions will be paused from 6:20 PM on May 21, 2024.
- Trading of CHZ and EGLD tokens remains unaffected during the network upgrades.
- Binance will handle all technical requirements related to the upgrades for its users.
- Deposits and withdrawals will resume once the networks are deemed stable post-upgrade.
These steps are crucial to ensure users are prepared for the temporary suspensions and can plan their transactions accordingly.
Conclusion
Binance has assured that the trading of Chiliz and MultiversX tokens will continue without interruption, and the exchange will manage all necessary technical processes. Users can expect the resumption of deposits and withdrawals shortly after the upgrades are completed and the networks are stable. No further announcements regarding the upgrades will be made, as per Binance’s statement.