Binance will temporarily stop TON deposits and withdrawals at the end of this month – here’s why

TL;DR

Binance will temporarily suspend TON deposits and withdrawals on August 26, but trading will not be affected. The company introduced certain trading pairs involving the altcoin earlier this month, contributing to its recent price surge. What is the reason?

The world’s leading cryptocurrency exchange will perform wallet maintenance for The Open Network (TON) on August 26, temporarily suspending TON deposits and withdrawals. The maintenance is expected to last about two hours, after which all services will resume.

Binance assured that the initiative will not affect the trading of tokens on the aforementioned network. It also undertook to handle all technical requirements of users.

The exchange indicated that there would be no more announcements about the above, which means that users should ask themselves if they can find additional information about it on the Internet.

Earlier this month, Binance showed support for Toncoin (TON), the native cryptocurrency of The Open Network, listing the trading pairs TON/BTC, TON/USDT, TON/FDUSD and TON/TRY.

The price of the altcoin reacted positively to the news, rising about 10% on a 24-hour scale to reach $6.40.

TON’s success in 2024

The cryptocurrency has been one of the market’s best performers in recent months, witnessing a price increase of over 190% since January 1, 2024.

TON’s impressive rally began in late February when Pavel Durov, CEO of messaging app Telegram, announced that the platform would begin sharing 50% of ad revenue generated on Telegram channels with channel owners . He also said that these payments would be made exclusively in Toncoin.

“Similar to our approach with Telegram usernames in Fragment, we will sell ads and share revenue with channel owners in Toncoin. This will create a virtuous circle, where content creators can cash out their Toncoins or reinvest- them in promoting and updating their channels,” says Durov’s statement.

TON continued its upward trend in the following months and in April became one of the 10 largest cryptocurrencies after turning around Cardano (ADA).

The demonstration took place shortly after the Ton Society (a community-driven entity linked to The Open Network) partnered with AI company HumanCode. As part of the collaboration, the former offered an incentive of one million TON tokens to encourage users to adopt HumanCode’s palm scanning technology.

While many leading cryptocurrencies experienced a correction in the first half of June, this was not the case for TON, which hit a new all-time high of around $8.18. The price nearly reached this peak in July before experiencing greater volatility and eventually settling at the current level of around $6.60.

TON Price, Source: CoinGecko

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