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With the trading volume it produces, the world’s largest cryptocurrency exchange Binance announced that it will temporarily suspend deposits and withdrawals on the Horizen (ZEN) network starting from 10:00 AM on September 12, 2024, to support the planned network upgrade. This temporary suspension in deposit transactions will be done to ensure the best experience for users.
Deposits and Withdrawals on Horizen Network to be Suspended
Horizen‘s network upgrade will occur at block height 1,627,572 or approximately around 11:00 AM on September 12, 2024. Binance stated that it will fulfill all technical requirements to ensure users are not affected by this process. During this period, users will not be affected by the suspension of deposits and withdrawals on the Horizen network, and ZEN coin trading will continue uninterrupted.
Binance will resume deposits and withdrawals on the Horizen network once the upgrade is complete and the upgraded network’s stability is ensured. At this point, users will not need to take any action as the cryptocurrency exchange will handle all technical processes internally.
Such upgrades are frequently carried out to enhance the performance of Blockchain networks and close potential security gaps. Binance’s approach is crucial as it ensures a seamless trading experience for its users.
Important Reminder for Altcoin Investors
In its announcement, Binance emphasized that ZEN coin trading will not be affected during this process. Deposit and withdrawal transactions will be reactivated as soon as the upgrade is complete and the network’s stability is ensured, and users will not be additionally informed about this. Therefore, users who wish to perform these transactions will need to wait for the network upgrade to be completed.
Binance thanked users for their support during this process and noted that they should be patient until the network upgrade is completed.
