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- Binance, a leading cryptocurrency exchange, has declared its support for the upcoming network upgrade and hard fork of Chiliz (CHZ), a well-known altcoin.
- This move aims to provide a smooth user experience during the technical enhancements.
- In preparation for the upgrade, Binance will temporarily halt deposits and withdrawals on the Chiliz network.
Discover the latest update on Binance’s support for the Chiliz network upgrade and hard fork, detailing essential timings and impacts on user transactions.
Timing and Impact of Service Suspensions
Binance will temporarily suspend deposits and withdrawals on the Chiliz network, including CHZ tokens, at 10:00 AM UTC on June 17. This is a critical step to ensure the upgrade process runs smoothly. The network upgrade and hard fork will begin approximately an hour later, around 11:00 AM UTC. It’s important to note that CHZ trading activities will continue uninterrupted during this period.
Management of Technical Aspects
Binance has assured users that they will handle all technical aspects of the upgrade internally. This approach is designed to minimize any potential disruptions for users, allowing them to continue their trading activities without any concerns. Once the network upgrade is complete and stability is confirmed, Binance will resume deposit and withdrawal services for CHZ and other Chiliz network tokens.
Key User Information
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- Starting at 10:00 AM UTC on June 17, CHZ deposits and withdrawals will be temporarily paused.
- CHZ trading will remain unaffected and active throughout the upgrade.
- Binance will manage all technical elements of the process.
- Services will be reinstated once the network upgrade is verified to be stable and secure.
These upgrades are part of ongoing efforts to enhance the performance and security of the Chiliz network, ensuring it meets increasing demand and provides superior services to its users.
Conclusion
In summary, Binance’s support for the Chiliz network upgrade is a critical step towards improving the functionality and security of the altcoin. By managing the technical aspects, Binance aims to ensure minimal user disruption. Users can stay informed about these developments and continue their trading activities without concern, knowing that the exchange is handling the upgrade process efficiently.
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