Binance to Temporarily Suspend Withdrawals on BNB Beacon Chain for Maintenance and Upgrades

Binance Temporarily Suspends Withdrawals on BNB Beacon Chain for Maintenance and Upgrades

In a significant move for BNB Chain users, Binance has announced that it will temporarily suspend withdrawals on the BNB Beacon Chain to facilitate wallet maintenance and network upgrades/hard forks.

The wallet maintenance for the BNB Beacon Chain (BEP2) is scheduled for July 9, 2024, at 7:00 a.m. (UTC). Binance will suspend deposits and withdrawals on the BNB Beacon Chain (BEP2) starting from 6:55 a.m. (UTC) on the same day. The suspension is expected to last for around two hours.

Furthermore, the BNB Beacon Chain (BEP2) network upgrade and hard fork are set to occur on July 14, 2024, at 6:00 a.m. (UTC). Binance will again suspend deposits and withdrawals of tokens on the BNB Beacon Chain (BEP2) starting from approximately 5:55 a.m. (UTC) on the same date.

This temporary suspension is essential for Binance to align its systems with the new network changes and ensure a smooth hard fork process. Users of BNB Beacon Chain (BEP2) are advised to plan their activities accordingly and stay informed about the status of the network upgrade through official channels to avoid any disruptions.

As per the project team’s announcement in January 2024, BNB Beacon Chain (BEP2) is facing a phaseout, with Binance taking definitive steps in this direction since the beginning of the year.

Cryptocurrency analyst and experienced technical analyst, Tomiwabold Olajide, who closely follows cryptocurrency research and market trends, provided insights into this development. Tomiwabold earned his degree at the University of Lagos.

Stay tuned for more updates on the BNB Beacon Chain maintenance and upgrades.