Binance Declares BNB Smart Chain Upgrade and 39 Liquidity Pool Closures

Binance announces its support for the BNB Smart Chain hard fork upgrade.
It will suspend deposits and withdrawals of BEP20 tokens on the network temporarily.
Binance will cease operations for 39 liquidity pools come September.

B inance makes an exciting official announcement on its announcement channel. In detail, the popular crypto exchange declares that it is set to back the BNB Smart Chain (BEP20) network upgrade and hard fork.

Read CRYPTONEWSLAND on

google news

Specifically, this hard fork upgrade will strike at block height 31,302,048, tentatively scheduled for August 30, 2023. Deposits and withdrawals of tokens on the BNB Smart Chain will be halted from around 07:15 (UTC) on the upgrade day.

The trading of tokens on the BNB Smart Chain will remain unaffected during this process. Binance will manage all technical aspects for users and clarifies that the upgrade won’t lead to new token creation.

The entity also says it will reopen deposits and withdrawals for BEP20 tokens on the BNB Smart Chain once they deem the upgraded network as stable. Furthermore, this decision will not have a separate notification announcement.

Additionally, Binance will discontinue 39 liquidity pools, including pairs like ADA/BNB and XMR/ETH, starting September 1, 2023, at 12:00 (UTC). This move follows Binance’s assessment of liquidity mining, aiming to enhance trading quality and minimize slippage for users.

Users will not be able to contribute liquidity to these pools from 06:00 (UTC) on August 28, 2023. Notably, withdrawals from these pools will be possible until 04:00 (UTC) on September 1, 2023, after which deposits will be automatically converted to users’ Spot wallets.

These changes reflect Binance’s commitment to maintaining a robust and secure trading environment for its users. For more information on the BNB Smart Chain upgrade and the liquidity pool closures, users can refer to official Binance announcements.

As always, Binance emphasizes that, in case of any discrepancies between translated versions and the original English version, the English version prevails.

Read Also

Lauren Cole

A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.