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

The giant cryptocurrency exchange, Binance, has scheduled wallet maintenance for the Bitcoin (BTC) network this coming Friday.

As per an official statement from the company, BTC withdrawals on Binance will be temporarily suspended on November 3 while the maintenance procedures are carried out. The maintenance is anticipated to last approximately 30 minutes, commencing at 02:00 (UTC).

The announcement reassures users that deposits and the trading of digital assets/currencies on the Bitcoin network will continue unaffected during this maintenance period. Binance will restore the withdrawal service once the maintenance is successfully concluded, with no additional notification to users in a subsequent announcement.

Back in May, Binance temporarily suspended Bitcoin withdrawals for several hours, attributing the interruption to a significant increase in trading volumes and a surge in processing fees. The suspension resulted from a backlog of pending transactions, as the exchange had not provided miners with a sufficiently high reward to validate these transactions on the blockchain.

In response to this issue, Binance updated its users, stating that they had adjusted their fees to prevent a similar occurrence in the future.

Additionally, in March, Binance had to suspend both deposits and withdrawals due to technical issues.

Delisting 25 Spot Trading Pairs

Furthermore, Binance recently made an announcement regarding the delisting of 25 trading pairs on Friday, a move they explained as being necessary to “protect users and maintain a high-quality trading market.”

Binance regularly conducts reviews of all the spot trading pairs it lists, and it may choose to delist specific pairs based on various factors, such as low liquidity and trading volume.

The delisting of these 25 trading pairs will occur in two separate batches on November 3. Importantly, the removal of a spot trading pair will not impact the availability of the tokens on the Binance Spot platform, as clarified by the exchange.

Binance informed its users that they can continue to trade the base and quote assets of these delisted pairs on other available trading pairs. Additionally, Binance will discontinue its Spot Trading Bots services for these 25 trading pairs.

To prevent potential losses, Binance strongly advised users to update and/or cancel their Spot Trading Bots before the cessation of these services.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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