Binance, the largest cryptocurrency exchange in the world, experienced problems following wallet repair for BNB Smart Chain (BEP20).
While the team attempted to find a solution, the exchange temporarily banned deposits and withdrawals on the BNB Smart Chain.After 4-5 hours of troubleshooting the node issue following the Binance Smart Chain (BEP20) network update, withdrawals and deposits have resumed.
The crypto exchange said it has temporarily banned BSC deposits and withdrawals due to a node issue following the Binance Smart Chain (BEP20) network update in an official notice on March 30.
“Due to a node issue following the Binance Smart Chain (BEP20) network upgrade, we have temporarily closed BSC deposits and withdrawals. Our team is working to fixing the issue, with an estimated completion time of 1-hour.”
By 11:00 UTC on March 30, the wallet maintenance for BNB Smart Chain (BEP20) ought to be finished. The Binance team is working hard to finish the maintenance as soon as feasible.
Investors were made aware of the exchange’s plans to halt deposits and withdrawals on the BNB Smart Chain for two hours on Tuesday when the chain’s scheduled wallet repair was disclosed.
Yet, the additional two hours of wallet maintenance has an effect on users. The exchange has experienced problems twice in the past week. As the matching engine ran into a fault with the trailing stop order on March 24, the exchange shut down all spot trading.
Following the statement, the price of Bitcoin and Ethereum dropped while the exchange’s trading portion remained unavailable. During the anticipated Binance Smart Chain (BEP20) network update, the price of bitcoin decreased by more than 0.50%.
At the time of publication, the price of one bitcoin is above $28,500. The price of Ethereum fluctuated throughout the node problem; at the time of publication, it was trading at $1,805.
