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Leading cryptocurrency exchange Binance announced its support for the upcoming network upgrade and hard fork for the prominent altcoin Chiliz (CHZ), ensuring users experience minimal disruption during this technical development. Binance will temporarily suspend token deposits and withdrawals on the Chiliz network during this process.
Deposits and Withdrawals to be Suspended on June 17 at 10:00 AM UTC
Binance will temporarily suspend deposits and withdrawals of tokens on the Chiliz network, including CHZ, around 10:00 AM UTC on June 17 to facilitate the upgrade process.
The actual network upgrade and hard fork will occur approximately one hour after the suspension, around 11:00 AM UTC on the same day. Users should note that token trading on the Chiliz network will not be affected during this period. This means that while deposits and withdrawals are temporarily halted, users can continue trading their CHZ coins without any interruptions.
Furthermore, Binance assured its users that the platform would handle all technical requirements for this upgrade. The cryptocurrency exchange aims to ensure a smooth and efficient upgrade process, minimizing potential inconveniences for users. By managing the technical aspects internally, Binance allows users to focus on their trading activities without worrying about the complexity of the upgrade.
Deposits and Withdrawals to Resume Once Process is Complete
Binance will reopen deposits and withdrawals for CHZ and other tokens on the Chiliz network once the network upgrade and hard fork are successfully completed. The reopening will occur once the upgraded network is deemed stable and secure. The cryptocurrency exchange emphasized that no further announcements will be made regarding the resumption of deposits and withdrawals.
The planned network upgrade and hard fork are part of ongoing efforts to enhance the performance and security of the Chiliz network. Such upgrades are critical to maintaining the integrity and efficiency of Blockchain networks, ensuring they can meet increasing demand and provide better services to users.
