Binance users will not be able to make deposits and withdrawals on the BNB Smart Chain as it will be suspended temporarily while the platform carries out wallet maintenance.
According to a recent announcement, the major crypto exchange plans to perform wallet maintenance on the BNB (BNB) Smart Chain starting from April 17 at 06:00 UTC. As a result, the network will be down temporarily as repairs are being made. This means that users will not be able to make deposits and withdrawals for the BNB Smart Chain for the time being.
The temporarily suspension will take place five minutes before wallet maintenance is set to begin. Therefore, deposits and withdrawals for BNB Smart Chain will be paused on April 17 at 05:55 UTC.
However, Binance claimed that users will still be able to trade BNB tokens while the wallet maintenance is taking place, as token trading will not be impacted by the network suspension.
Based on information in the notice, wallet maintenance is expected to take about an hour to complete. Though, this is not a guarantee that the suspension will be lifted after an hour. Binance stated that deposits and withdrawals will resume once the network is deemed stable enough.
BEP-20 is the standard for tokens deployed on the BNB Smart Chain, formerly known as Binance Smart Chain. It is designed to be compatible with the common ERC-20 tokens on Ethereum (ETH). Launched in September 2020, BEP-20 represents various crypto assets that reside on the BNB Smart Chain and is used for all smart contracts.
According to data on DeFi Llama, BSC has a total value locked that stands at $5.14 billion and 1.25 million active addresses on-chain. In the past 24 hours, the network has accumulated $613,348 in chain fees and $667 million in DEXs volume.
BNB Smart Chain is home to more than 1,500 decentralized apps or dApps, with a focus on DeFi protocols. A large number of these protocols are related to decentralized exchanges. The network also sees activity from an additional 1,000 projects across other sectors.
