Important Binance Update for July 17th

TL;DR

Binance will suspend deposits and withdrawals for approximately one hour in mid-July, without affecting trading services. The company’s delisting of several altcoins recently led to significant price drops. A similar pattern was seen when Binance canceled services with the popular privacy coin Monero (XMR). Brief interruption of all services

The world’s largest cryptocurrency exchange, Binance, announced that deposits and withdrawals from all networks will be suspended on July 17. The reason is a scheduled wallet maintenance that is supposed to take up to an hour.

The company assured that cryptocurrency trading will not be affected during the process, while deposits and withdrawals will reopen once “the network is deemed stable.”

It is important to note that Binance stated that there will be no further announcements regarding the above. This means that any user you encounter on the Internet should be taken with a grain of salt.

Earlier this year, the company temporarily halted Solana (SOL) withdrawals due to “increased transaction volume on the network.” It apologized for the inconvenience and restored service shortly after.

In May, Binance halted deposits and withdrawals to the Ethereum (ETH) network for wallet maintenance. The process took approximately two hours to complete.

Binance listing/delisting efforts

The company also regularly updates its offerings to improve the user experience. A few days ago, it announced the delisting of BarnBridge (BOND), Dock (DOCK), Mdex (MDX) and Polkastarter (POLS). Reasons for the move were not mentioned, though some could include poor trading volume, poor public communication and disrupted networks.

Affected altcoins saw their prices plummet by double digits shortly after the disclosure. DOCK underperformed, falling more than 50% on a 24-hour scale.

The removal of a particular cryptocurrency from a major platform such as Binance may result in a substantial price decline due to reputational damage, reduced liquidity, decreased investor confidence, and other setbacks.

The same thing happened earlier this year, when the exchange delisted Monero (XMR). The move was followed by a 35% drop in the price of the popular privacy coin.

In addition to ending services with some assets, Binance often adds new trading pairs to respond to current market trends. Last month, it listed WIF/EUR, NOT/BRL and TRU/TRY on Binance Spot.

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