Binance has announced its support for a planned update on the Cosmos (ATOM) network. The goal is to ensure that users do not experience any interruptions during altcoin transactions and to provide the best user experience. To achieve this, Binance has implemented several precautions. During the upgrade, deposit and withdrawal operations will be temporarily suspended. The update on the Cosmos network is expected to begin today, October 2, 2024, around 18:00 GMT, and should be completed shortly thereafter.
Deposit and Withdrawal Operations Suspended During the Update
Binance will temporarily suspend deposit and withdrawal operations on the Cosmos network starting today at 17:00 GMT due to the upcoming update.
The update process on the Cosmos network will commence at a block height of 22,443,500, with an expected completion around 18:00 GMT. Users will still be able to conduct ATOM trading during this period without being affected by the update.
Following the update, Binance will reactivate deposit and withdrawal operations once the network is confirmed to be stable. Users will not need to perform any technical actions, as Binance will handle all necessary technical requirements. The cryptocurrency exchange has stated that no further announcements will be made once the network returns to stability.
Measures Taken for Users
Binance users will not experience any loss of transactions during the update process on the Cosmos network, and their current balances will remain secure. The ability to continue trading ATOM while only deposit and withdrawal operations are temporarily halted presents a significant advantage for users.
Prior to the planned update, ATOM’s price has dropped by 8.17% in the last 24 hours, trading at $4.48. The decrease in price has resulted in a 65.67% increase in trading volume, reaching $178.18 million.
