. 1 min read

Binance to Perform Wallet Maintenance, Announces Temporary Suspension on Bitcoin Withdrawals

Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.
Source: Adobe Stock

Crypto exchange behemoth Binance is set to conduct wallet maintenance for the Bitcoin (BTC) network on Friday.

According to a company update, the exchange will temporarily suspend BTC withdrawals on Nov. 3 until the maintenance is complete. The wallet maintenance is expected to take about 30 minutes, starting at 02:00 (UTC).

“Deposits and the trading of digital assets/currencies on Bitcoin network will not be impacted during the maintenance,” the announcement read. “Binance will reopen withdrawals after the maintenance is complete, and will not notify users in a further announcement.”

In May, Binance halted Bitcoin withdrawals for several hours, citing heavy volumes and a surge in processing fees. The suspension was due to a glut of pending transactions as it hadn’t offered so-called miners a high enough reward to log the trades on the blockchain.

“To prevent a similar recurrence … our fees have been adjusted,” the exchange later updated its users.

Previously in March, Binance had suspended deposits and withdrawals citing tech issues.

Delisting 25 Spot Trading Pairs

Furthermore, Binance announced the delisting of 25 trading pairs on Friday, to “protect users and maintain a high-quality trading market.”

“Binance conducts periodic reviews of all listed spot trading pairs, and may delist selected spot trading pairs due to multiple factors, such as poor liquidity and trading volume.”

The exchange will cease 25 trading pairs in two batches on No. 3. “The delisting of a spot trading pair does not affect the availability of the tokens on Binance Spot,” it clarified.

Binance told users that they can still trade spot trading pair’s base and quote assets on other available trading pairs. Binance would also terminate Spot Trading Bots services for the 25 trading pairs.

“Users are strongly advised to update and/or cancel their Spot Trading Bots before the cessation of Spot Trading Bots services to avoid any potential losses,” the exchange warned.