Binance Will Temporarily Suspend All Withdrawals and Deposits This Week: Check Out Why

TL;DR

The Upcoming Disruption

The world’s leading crypto exchange announced that deposits and withdrawals for all networks will be paused on July 31. The reason is a live upgrade on the wallet network infrastructure, which should take approximately 15 minutes.

Binance explained that the trading of tokens will not be impacted during the maintenance. It also clarified that all services will be reopened once the network “is deemed to be stable.” Users should stick only to this information, as the company said there will be no further disclosures on the matter. 

The company regularly conducts such upgrades to enhance overall performance and ensure seamless operation of wallet services.

Last summer, it temporarily suspended deposits and withdrawals due to scheduled maintenance, which was supposed to last one hour. In the following months, it briefly paused services on the TRON, Cardano, and other networks.

Recent Binance Amendments

Earlier this week, the exchange added CVX/USDC, FUN/USDC, and LISTA/USDC to its Binance Spot program. It also allowed trading bot services with the pairs CVX/USDC, FUN/USDC, LISTA/USDC, BCH/USDC, and SPK/USDC. 

Interestingly, some of the involved cryptocurrencies headed south after the announcement. CVX was among the biggest losers, dropping by 8%. For its part, LISTA reacted much more logically following the support from Binance, with its valuation spiking by double digits. 

In June, the company allowed its clients to use Official Trump (TRUMP), Sonic (S), Peanut the Squirrel (PNUT), Virtuals Protocol (VIRTUAL), SSV Network (SSV), Defi App (HOME), and Resolv (RESOLV) as loanable assets on Binance Loans. 

Last week, it removed the Seed Tag from trending meme coins, such as Bonk (BONK), Pepe (PEPE), and Pudgy Penguins (PENGU). Tokens with that label represent early-stage projects or assets that carry greater risk for investors.

There have been renewed rumors that Binance plans to list Pi Network’s PI, with some community members eyeing August 15 as a potential date. This isn’t the first time such speculation has surfaced, with earlier expectations hinting that the exchange might embrace the coin on Pi Day (March 14) or Pi2Day (June 28).

Meanwhile, one popular X user recently outlined three important reasons why Binance keeps saying “No” to Pi Network’s native token.