Binance, a prominent cryptocurrency exchange, has announced a temporary cessation of deposits and withdrawals involving IoTeX (IOTX) due to an impending network upgrade and hard fork. This pause is scheduled to begin at 03:28 AM Turkish Standard Time (TST) on June 19, 2025, ensuring a seamless user experience during the technical update. While these transaction avenues will be temporarily closed, trading of IOTX will remain unaffected, continuing as normal on the platform.
What Measures Is Binance Implementing?Why Is the Action Being Taken?
What Measures Is Binance Implementing?
To facilitate the planned upgrade by the IoTeX team, Binance has decided to suspend IOTX deposit and withdrawal services. This strategic move is designed to safeguard a successful and secure network transition. The suspension is specific to these transaction types, leaving IOTX trading operations ongoing and unaffected.
Why Is the Action Being Taken?
This temporary halt aims to protect user interests by preventing any transaction setbacks or losses, anticipated to start at 03:28 AM TST. Binance has proactively allowed adequate time for implementation, starting about an hour prior to reaching the crucial block height required for the upgrade.
Once IoTeX’s network attains block number 36,893,881, anticipated at 04:28 AM TST on June 19, 2025, the upgrade process will initiate. This involves extensive modifications to the IoTeX network’s core protocol. Binance is tasked with overseeing the technical intricacies, assuring users that no further action will be necessary on their part.
The company promises to maintain the safety and integrity of user assets throughout this period. Additionally, no announcement will precede the resumption of normal transactions, which will only occur post-stability verification of the updated IoTeX network. Regular operations will quietly resume after confirming the system’s stability.
Key considerations from this update include:
- Scheduled suspension to commence at 03:28 AM TST on June 19, 2025.
- Trading activities for IOTX remain unaffected.
- No user action required to secure IOTX during this upgrade.
- Resumption of services will be contingent on the network’s stability.
Binance’s careful preparation and execution are expected to ensure the upgrade proceeds with minimal disruption. Users can look forward to a continuation of services following the confirmation of network stability, enhancing the experience with updated protocol features.
