Binance Announces Support For the BNB Smart Chain Network Upgrade And Hard Fork

Twitter icon  •  Published 1 year ago  •  Hassan Maishera

Cryptocurrency exchange Binance has announced support for the upcoming BNB Smart Chain (BEP20) network upgrade and hard fork.

Binance, the world’s leading cryptocurrency exchange, announced via a blog post on Tuesday that it would support the BNB Smart Chain (BEP20) network upgrade and hard fork. 

The cryptocurrency exchange informed its community that the BNB Smart Chain (BEP20) network upgrade and hard fork will take place at the BNB Smart Chain block height of 22,107,423, or approximately at 2022-10-12 08:00 (UTC). Binance added that deposits and withdrawals on BNB Smart Chain (BEP20) would be suspended starting from approximately 2022-10-12 07:00 (UTC).

Binance further pointed out that despite the upgrade, the trading of tokens available on BNB Smart Chain (BEP20) will not be affected during the network upgrade and hard fork. 

In addition to that, the BNB Smart Chain (BEP20) network upgrade and hard fork will take place at the BNB Smart Chain block height of 22,107,423. The estimated time is for users’ reference only. Binance said it would handle all technical requirements involved for all users.

The crypto exchange informed its community that the BNB Smart Chain (BEP20) network upgrade and hard fork will not result in new tokens being created. Once the upgrade is completed, Binance will reopen deposits and withdrawals for the BNB Smart Chain (BEP20) network once they deem the upgraded network to be stable.

Binance has been in the news for various activities in recent days. Last week, the cryptocurrency exchange experienced a cross-chain hack that saw the attacker steal roughly $100 million.

However, the cryptocurrency exchange has since bounced back, and operations on the platform have been running smoothly. Also, last week, Binance announced that it had received a license from the AIFC Financial Services Authority ( AFSA ) to operate a digital asset platform and provide custodial services at the Astana International Financial Center. This means that Binance is now licensed to operate in Kazakhstan. 

Binance’s continued expansion globally and more positive Binance reviews ensure that the cryptocurrency exchange further cements its place as the world’s leading digital asset trading platform.

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.