Binance plans a brief pause for BNB Smart Chain transactions as it performs scheduled wallet maintenance.
By Godfrey Benjamin
Editor Julia Sakovich
Updated
3 mins read
Leading digital asset exchange Binance has announced that it will perform wallet maintenance on the BNB Smart Chain. Notably, this will lead to a short pause in key functions. This scheduled update will affect all deposits and withdrawals involving BEP-20 tokens.
According to Binance’s website, the planned wallet maintenance will begin at 06:00 UTC on April 17. However, the exchange also announced that deposits and withdrawals would be paused five minutes before that, starting at 05:55 UTC.
The maintenance is expected to take about an hour. Binance emphasized that it will only reopen deposits and withdrawals once the network is stable. The platform did not provide a fixed end time for the maintenance.
According to the statement, the trading of BNB and other BEP-20 tokens will continue without interruption. Binance clarified that the network pause will not affect trading activities on the platform. Only the ability to deposit or withdraw tokens on the BNB Smart Chain will be limited during maintenance.
Binance noted that users do not need to act, as the platform will handle all technical work. However, users are advised to avoid making token transfers shortly before or during the scheduled maintenance period.
Meanwhile, in an earlier update, the trading activities on the Binance exchange by all classes of traders, including retail and whales, have served as a litmus test for ecosystem health.
Coinspeaker noted that Binance whales have remained calm despite ongoing market uncertainty, a trend fueled by the continuous outflows from US-based spot Bitcoin exchange-traded funds.
The BNB Smart Chain, previously called Binance Smart Chain, is known for supporting many projects and apps. It runs on the BEP-20 token format, which is widely used for smart contracts and similar to Ethereum’s ERC-20 standard.
According to data on DeFiLlama, assets worth more than $5.14 billion are currently locked in the BNB Smart Chain. More than one million active addresses use the chain, supporting around 1,500 decentralized apps, many of which focus on DeFi. In the last 24 hours alone, over $667 million was traded through decentralized exchanges, and the network collected more than $613,348 in fees.
Binance stated it will not issue another announcement once deposits and withdrawals are back online. Based on historical trends and the likelihood of exploitation, users are encouraged to check the platform’s official channels for further updates.
In the meantime, the exchange has been making several changes to its offerings. As reported by Coinspeaker, Binance is preparing to launch a new product called LDUSDT. This new offering will let users trade crypto futures while earning extra benefits from their locked USDT holdings.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
