Binance, the world’s largest cryptocurrency exchange by trading volume, has announced a temporary suspension of deposits and withdrawals on the Horizen (ZEN) network. This suspension, set to begin at 10:00 AM on September 12, 2024, is aimed at supporting an upcoming network upgrade. The pause in transactions is intended to provide users with an optimal experience during this period.
Why Are Deposits and Withdrawals Being Suspended?
The network upgrade for Horizen will take place at block height 1,627,572, which is expected to occur around 11:00 AM on the same day. Binance has stated that it will undertake all necessary technical measures to ensure that users are not adversely impacted. Notably, trading of ZEN coins will continue without interruption despite the suspension of deposit and withdrawal services.
Once the upgrade is completed and the network’s stability is confirmed, Binance will reinstate deposits and withdrawals. Users are not required to take any additional actions, as the exchange will handle all technical aspects internally. Such upgrades are essential for enhancing the performance of blockchain networks and addressing potential security vulnerabilities.
What Should Altcoin Investors Remember?
Binance has reassured users that ZEN coin trading will remain unaffected during the upgrade. The exchange will promptly reactivate deposit and withdrawal functions once the upgrade is successful and the network is stable. Users will not receive further notifications about this reactivation, so those wishing to perform these transactions will need to wait until the upgrade is complete.
Key Takeaways for Binance Users
Here are some important points for Binance users:
- ZEN coin trading will continue uninterrupted during the network upgrade.
- Deposit and withdrawal services will resume automatically after the upgrade, with no user action required.
- Users should plan their transactions ahead of the suspension period.
- Binance is committed to ensuring a smooth trading experience during the upgrade.
In its announcement, Binance thanked users for their patience and support during the upgrade process and urged them to stay tuned for the completion of the network upgrade.