Binance extends support to BNB Smart Chain (BEP20)

Binance has announced that it will support the network upgrade and hard fork of BNB Smart Chain. The starting time stated in the announcement is August 30, 2023, 7:30 UTC. Deposits and withdrawals will be suspended 15 minutes before that, to be resumed when the network is deemed stable for operations.

The time translates to a BNB Smart Chain block height of 31,302,048. This will not affect the trading of tokens, for they will continue to function as usual. All the technical aspects of the upgrade and hard form will be handled by Binance, not resulting in any kind of new token generation.

Users will have to track the activity to know that the network has resumed deposits and withdrawals. Binance will not publish another announcement related to the same.

Simply put, users can continue trading tokens on the network, but they cannot undertake deposit and withdrawal functions till the network has gained the required stability. Binance will handle technical requirements for BNB SMart Chain (BEP 20); however, it will not inform its customers about the time when they can start making deposits and withdrawals.

Meanwhile, Binance has published a notice to inform the community that select liquidity pools have been removed from Binance Liquidity Swap. The change goes into effect on September 01, 2023, at 04:00 UTC. This has come to light after Binance conducted a periodic review of liquidity pools that are listed on the platform.

The core objective is to enhance the experience of users and make sure that they are safe no matter the circumstances. Optimized trading experience helps retain existing customers and attract new ones. Not just trading experience but price and slippage have also been taken into consideration while performing the review.

Some of the liquidity pools that are getting off the platform are:-

  • ADA/BNB, AVA/USDT, DOT/BUSTD, MATIC/BNB, and GALA/BNB

Users holding the listed assets will automatically receive the assets in Spot Wallet sometime around 04:00 UTC on September 01, 2023. It will not affect the trading experience of corresponding pairs on the platform. Other liquidity pools will remain available for trading purposes.

Binance has mentioned in the announcement that users can choose to redeem their assets before the first day of the next month. Those who do not exercise this option will see their deposits getting calculated at the composition ratio that prevails at that time.

There is no immediate need to slip into the web version of Binance for those who have access to the mobile application of Binance. They can simply head over to the Android or iOS application of the platform to execute the desired action. Binance’s mobile application carries the same seamless UI that the web version has.

August 30, 2023, will see Binance extend its support to BNB Smart Chain (BEP20) Network Upgrade and Hard Fork.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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