Binance to Temporarily Halt Deposits and Withdrawals on Polygon Network

The largest cryptocurrency exchange Binance announced the suspension of operations with Polygon tokens (POL) on the Polygon network. The restrictions are related to the upcoming hard fork of the blockchain.

The restrictions will begin on July 1 at 07:00 UTC (10:00 Moscow time), the announcement said. Deposits and withdrawals of crypto assets will resume after the upgrade is complete, once the network has confirmed its stability, Binance said.

The exact duration of the suspension of deposits and withdrawals is not specified. Users are advised to complete transactions in advance to avoid delays in processing.

The first planned changes to the Polygon ecosystem began in January. The Polygon team announced an upcoming hard fork and two phases of the Polygon PoS chain upgrade, which are planned to improve the stability and performance of the network.

Previously the largest liquid staking protocol by volume of locked funds, Lido, has stopped providing services to the Polygon PoS network. The Lido on Polygon protocol has failed to adapt to changing market conditions and competition.

Источник: cryptocurrency.tech