Binance, a prominent player in the cryptocurrency exchange arena, is gearing up for a wallet maintenance operation on the Bitcoin (BTC) network this upcoming Friday.
As per an official company update, Binance has disclosed its plans to temporarily halt Bitcoin (BTC) withdrawals on November 3. The maintenance procedure is anticipated to last approximately 30 minutes and will commence at 02:00 (UTC).
The announcement clarified, “Deposits and the trading of digital assets/currencies on the Bitcoin network will not be impacted during the maintenance.” Binance will resume withdrawals once the maintenance is successfully completed, without issuing any additional notifications to users.
Binance previously faced a similar scenario in May when it suspended Bitcoin withdrawals for several hours due to the culmination of heavy transaction volumes and a spike in processing fees. The suspension was attributed to a backlog of pending transactions, as miners had not received adequate rewards for processing trades on the blockchain. In response to this, Binance adjusted its fees to avert such recurrences.
Notably, Binance had also suspended deposits and withdrawals in March, citing technical issues.
Delisting 25 Spot Trading Pairs
In addition to the maintenance announcement, Binance revealed its decision to delist 25 trading pairs on the upcoming Friday. This move was described as an effort to safeguard users and uphold the quality of the trading market.
Binance conducts periodic evaluations of all listed spot trading pairs, leading to the potential delisting of select pairs based on factors such as low liquidity and trading volume.
The exchange will carry out the delisting of these 25 trading pairs in two separate phases on November 3. Importantly, the delisting of these pairs will not impact the availability of the tokens on Binance Spot, ensuring that users can still engage in base and quote asset trading on other available trading pairs.
Furthermore, Binance will terminate its Spot Trading Bots services for these 25 trading pairs. In response to this development, Binance advised users to update or cancel their Spot Trading Bots before the cessation of these services to mitigate any potential losses.
This proactive stance by Binance, including wallet maintenance and trading pair delisting, reflects the exchange’s commitment to ensuring a secure and efficient trading environment for its users.
