Binance has pledged support for the Cosmos network upgrade in an announcement made about an hour ago. The leading crypto exchange by trading volume confirmed that it will temporarily suspend deposits and withdrawals of tokens on the Cosmos (ATOM) network.
“Binance will suspend the deposits and withdrawals of token(s) on the Cosmos (ATOM) network to support its network upgrade and ensure the best user experience,” the statement read.
The suspension of withdrawals and deposits will take effect starting on 2024-10-02 at 14:00 (UTC).
However, if you’re a Binance user, you don’t need to worry, as there will be no technical complications for users. Binance has confirmed that it will handle all “technical requirements for all users.”
This will just be a temporary suspension of withdrawals and deposits of tokens on the Cosmos (ATOM) network, and users will still be able to trade those tokens seamlessly.
While the timing regarding when deposits and withdrawals will resume is not yet confirmed, Binance said: “Deposits and withdrawals for token(s) on the aforementioned network will be reopened once the upgraded network is deemed stable. No further announcement will be posted.”
While the overall crypto market has suffered losses in the past 24 hours, Cosmos has shed over 7%. At press time, Cosmos (ATOM) was trading at $4.52, returning to the levels seen a week ago.
With the network upgrade scheduled to take place today, it was expected that ATOM price may gain some strength, but it seems un likely as the coin continues to shed value.
The network upgrade will take place at block height of 22, 443,500. Users can track when the upgrade will start by visiting the cosmos live blocks data here.
At press time there was 3 hours 43 minutes to go for the upgrade.
