Two of the world's leading cryptocurrency exchanges, Bithumb and Binance, have announced temporary suspensions of deposit and withdrawal services for specific networks on December 16 to facilitate crucial blockchain upgrades.
South Korean exchange Bithumb will suspend all POL (Polygon) deposit and withdrawal services starting at 7:00 a.m. UTC on December 16. This action is to support Polygon's scheduled network upgrade. During this period, users will be unable to move POL tokens into or out of their Bithumb wallets. However, trading POL against other cryptocurrencies on the exchange will continue normally. The suspension is a standard safety measure to prevent transaction errors during the network transition and will remain in effect until Bithumb completes necessary maintenance following the upgrade's completion.
Simultaneously, global exchange giant Binance will temporarily pause all deposit and withdrawal activities on the BNB Smart Chain (BEP20 network). This suspension is scheduled to begin at 5:55 a.m. UTC on December 16, 2024. The halt is a necessary step to support a significant network upgrade for the BNB Smart Chain. It's important to note that this suspension affects only the BEP20 network; other networks like ERC20 (Ethereum) and TRC20 (Tron) will continue operating normally. Trading of BEP20 tokens on Binance's spot and futures markets will also remain unaffected.
Both exchanges emphasize that user funds remain secure during these maintenance windows. The temporary halts are preventative measures to ensure smooth integration of network improvements without risking user assets. Bithumb has not specified an exact duration for its POL service suspension, though such maintenance typically lasts several hours to a day. Similarly, Binance notes that similar network upgrades historically take 1-3 hours. Both exchanges will announce service restoration through their official channels.
Users of both platforms are advised to complete any urgent transactions involving POL or BEP20 tokens before the respective suspension times. They should also monitor official announcements for updates on resumption timing.
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