Binance, one of the leading cryptocurrency exchanges, has announced its support for the upcoming IoTeX (IOTX) network upgrade and hard fork. According to Binance, the process will begin on 2024-07-21 at 23:00 (UTC), during which deposits and withdrawals of IOTX tokens will be temporarily suspended to ensure a smooth transition.

Details of the Upgrade

The network upgrade and hard fork will occur at the block height of 31,174,201, which is expected to be reached approximately at 2024-07-22 00:05 (UTC). Binance has assured its users that the trading of IOTX tokens will not be affected during this period. The exchange will handle all technical requirements necessary for the upgrade.

Impact on Users

Binance has outlined several key points for its users:

• The trading of IOTX tokens will continue without interruption.
• Binance will manage all technical aspects related to the upgrade on behalf of its users.
• Deposits and withdrawals will resume once the upgraded network is deemed stable. No further announcements will be made regarding this.

Users are advised to reference the original English version of the announcement for the most accurate information, as there may be discrepancies in translated versions.

Context and Additional Information

Network upgrades and hard forks are common in the blockchain ecosystem as projects seek to improve their protocols. IoTeX, a privacy-centric blockchain for the Internet of Things (IoT), aims to enhance its network’s performance and security through this upgrade.

For more details, users can refer to the official announcement on Binance’s website.

Binance has also issued a reminder about the risks associated with digital asset investments, emphasizing that prices are subject to high market risk and volatility. The exchange advises users to make informed investment decisions and consult independent financial advisors if necessary.

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