{"id":3604,"date":"2024-09-04T16:51:12","date_gmt":"2024-09-04T16:51:12","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=3604"},"modified":"2024-09-04T16:51:12","modified_gmt":"2024-09-04T16:51:12","slug":"binance-to-temporarily-suspend-deposits-and-withdrawals-on-bnb-smart-chain-soon-heres-why","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=3604","title":{"rendered":"Binance to Temporarily Suspend Deposits and Withdrawals on BNB Smart Chain Soon: Here\u2019s Why"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Binance will temporarily halt BNB Smart Chain deposits and withdrawals due to maintenance, but trading will not be affected.
\nBNB\u2019s price is down amid a market slump, with a potential rally expected following the release of former CEO Changpeng Zhao from prison.<\/p>\n

<\/a><\/span><\/h2>\n

The Upcoming Effort<\/h2>\n

The world\u2019s largest crypto exchange <\/span>will conduct<\/span><\/a> wallet maintenance for BNB Smart Chain (BEP20) on September 5. <\/span>To support the process,<\/span> it will temporarily halt deposits and withdrawals on the network.<\/span> The<\/span> maintenance <\/span>is scheduled<\/span> to<\/span> take approximately two hours, and <\/span>services will be resumed<\/span> after completion.<\/span><\/p>\n

\u201c<\/span>The <\/span>trading of<\/span> token(s) on the <\/span>aforementioned network<\/span> will not be impacted<\/span>.<\/span> Binance will handle all technical requirements involved for all users,\u201d the company assured.<\/span><\/p>\n

BNB Smart Chain is a platform developed by the exchange that <\/span>offers compatibility<\/span> with the Ethereum Virtual Machine (EVM). It enables developers to migrate their projects from Ethereum without <\/span>needing to rewrite<\/span> the code.<\/span><\/p>\n

BNB Smart Chain operates alongside the BNB Beacon Chain (previously known as Binance Chain). The specific architecture allows users to transfer assets between the two chains, providing additional opportunities for trading and decentralized applications (dApps).<\/span><\/p>\n

The native cryptocurrency of BNB Smart Chain is Binance Coin (BNB), which facilitates transaction fees and can <\/span>be staked<\/span> to participate in the network\u2019s consensus mechanism.\u00a0<\/span><\/p>\n

BNB Price Outlook<\/span><\/h2>\n

The asset started the year on the right foot, with its price <\/span>surging<\/span><\/a> from $312 on January 1 to an all-time high of approximately $710 in June. Back then, BNB\u2019s market capitalization exceeded $100 billion, surpassing well-known companies like Starbucks, Dell, UBS, and more.<\/span><\/p>\n

<\/a>BNB Price, Source: CoinGecko<\/p>\n

However, the token\u2019s price headed south in the following months. <\/span>It currently trades at around $500 (per <\/span>CoinGecko\u2019s<\/span> data), representing a 6% <\/span>decline on a daily scale<\/span>.<\/span> The retreat coincides with a broader slump of the entire cryptocurrency market, where Bitcoin (BTC) briefly <\/span>dipped<\/span><\/a> below $56,00, while Ethereum (ETH) tumbled to as low as $2,300.\u00a0<\/span><\/p>\n

One factor that may trigger a renewed rally for BNB is the end of Changpeng Zhao\u2019s prison sentence. Earlier this year, the former CEO of Binance was ordered to spend four months behind bars after he pleaded guilty to violating certain anti-money laundering requirements. Zhao (better known as \u201cCZ\u201d) <\/span>is scheduled<\/span> for release at the end of this month.<\/span><\/p>\n

\u201cBNB Position: Let\u2019s play a game CZ out of jail pump,\u201d one X user <\/span>said<\/span><\/a>.<\/span><\/p>\n

The post Binance to Temporarily Suspend Deposits and Withdrawals on BNB Smart Chain Soon: Here\u2019s Why<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Binance will temporarily halt BNB Smart Chain deposits and withdrawals due to maintenance, but trading will not be affected. BNB\u2019s price is down amid a market slump, with a potential rally expected following the release of former CEO Changpeng Zhao from prison. The Upcoming Effort The world\u2019s largest crypto exchange will conduct wallet maintenance […]<\/p>\n","protected":false},"author":0,"featured_media":3605,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3604","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/3604"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3604"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/3604\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/3605"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3604"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3604"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3604"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}