Binance Halts METIS Deposits and Withdrawals as Network Upgrade Looms
CryptoNewsTerminal Staff12 Aug, 2024
Binance Halts METIS Deposits and Withdrawals as Network Upgrade Looms
Binance, the world's leading cryptocurrency exchange, announced that METIS (METIS) deposits and withdrawals will be temporarily suspended due to a network upgrade. The suspension will take effect on August 20th at 20:00 (Korean time). The upgrade is expected to improve the stability and performance of the METIS network. Binance will closely monitor the upgrade process and will provide updates as they become available. In the meantime, users are advised to refrain from depositing or withdrawing METIS during the suspension period. Binance has a history of supporting network upgrades and regularly suspends deposits and withdrawals for various cryptocurrencies when such upgrades are taking place. These upgrades are necessary to ensure the security and efficiency of the underlying blockchain networks. METIS is a Layer 2 scaling solution for Ethereum that aims to improve transaction speed and reduce gas fees. It is a popular choice for decentralized applications (dApps) and is supported by a growing community of developers and users.
