2 Important Binance Updates Concerning ETH and Other Altcoin Traders

The world’s leading cryptocurrency exchange warned its users that certain operations will be temporarily halted later this week.

Prior to that, it revealed the delisting of three altcoins, which will take effect at the start of September.

What Binance Users Need to Know

The company announced that it will briefly suspend deposits and withdrawals on the Ethereum network on August 27 to support wallet maintenance. The process is expected to take about one hour, after which operations will resume.

As usual, Binance assured that it will handle all technical requirements involved for all affected users and said that trading of tokens on the aforementioned network will not be impacted.

Upgrades of this type are routine and typically carry no significant complications for clients. The company supported wallet maintenance on the Ethereum blockchain in May this year, and months later it temporarily paused TRX deposits and withdrawals to perform a similar process. There were no reports of issues, and operations were quickly restored.

Besides backing such upgrades, Binance is known for thoroughly reviewing all digital assets listed on its platform and removing those that fail to meet the necessary criteria, including the team’s commitment to the project, network stability against attacks, community engagement, trading volume, liquidity, and other factors.

As a result of its latest analysis, it decided to terminate all services with ICON (ICX), Secret (SCRT), and Storj (STORJ). The delisting is scheduled for September 3, when all spot trading pairs of the aforementioned tokens will be removed.

The announcement came less than a week ago, and since then the involved coins have been charting painful declines. SCRT, for instance, has registered another 25% collapse in the past 24 hours alone.

Similar Effect in the Past

Price slumps following such news shouldn’t come as a surprise. After all, Binance remains the biggest crypto exchange, and withdrawing support results in shrinking liquidity, diminished availability, and reputational damage.

A similar thing happened at the start of August when the company said goodbye to Across Protocol (ACX), Hashflow (HFT), PIVX (PIVX), Vulcan Forged PYR (PYR), Vanar (VANRY), and Viction (VIC). Back then, PIVX and PYR took the biggest blow, both nosediving by approximately 20% in a single day.

Double-digit declines were observed with Alchemix (ALCX), Ardor (ARDR), NFPrompt Token (NFP), and Marlin (POND) in June, when Binance delisted them as well.