The world’s largest cryptocurrency exchange will conduct wallet maintenance on July 1, temporarily affecting some of its vital operations.
What users need to know:
During maintenance, Binance will briefly suspend Bitcoin (BTC) deposits and withdrawals on its network, which should take approximately one hour, after which services will resume.
The company confirmed that it will manage the technical requirements on behalf of all users, explaining that the exchange of tokens on the aforementioned network will not be affected.
It is important to note that these procedures are repetitive and generally do not cause significant complications for clients.
In May, the platform temporarily suspended Ethereum deposits and withdrawals to keep the wallet free of major issues.
Prior to this, Binance took similar steps to support upgrades to several networks, including Cardano and BNB Chain, and last summer it implemented a direct upgrade to its wallet structure, during which it stopped deposits and withdrawals across all networks for approximately 15 minutes.
European crisis:
Perhaps the most notable issue surrounding Binance recently is its regulatory hurdles within the European Union.
Last week, it announced the withdrawal of its MiCA license application to the Greek Capital Market Authority (HCMC), with a view to obtaining the license in another EU country.
European regulators have set July 1 as the deadline for all platforms to comply with the rules, and it appears that Binance will fail to meet this date, while its clients in Europe do not yet have clear official guidelines.
According to what users shared, the Binance support team clarified that operations in the bloc’s countries will not be affected at this time, with the exception of France, Italy, Spain, Poland, Belgium, and Sweden, where users have received instructions regarding withdrawal.
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