Binance, one of the world’s leading cryptocurrency exchanges, has announced its support for the upcoming Enjin Coin (ENJ) network upgrade. According to Binance, the upgrade will necessitate the temporary suspension of deposits and withdrawals for ENJ tokens starting from September 9, 2024, at 12:00 (UTC).

Details of the Network Upgrade

The network upgrade is scheduled to occur at the block height of 6,678,271, which is expected to be reached around 13:00 (UTC) on the same day. Binance has assured its users that trading activities for ENJ tokens will not be affected during this period. The exchange will handle all technical requirements associated with the upgrade, ensuring a seamless process for its users.

Impact on Users

While deposits and withdrawals will be temporarily suspended, Binance has confirmed that these services will resume once the network is deemed stable post-upgrade. Users are advised that no further announcements will be made regarding the reopening of deposits and withdrawals.

Binance also highlighted that there might be discrepancies in translated versions of the announcement and recommended referring to the original English version for the most accurate information. For more details, users can read the official announcement from the Enjin project team.

Broader Context

This announcement comes amidst a series of network upgrades and developments within the blockchain ecosystem. Enjin Coin, known for its focus on blockchain-based gaming and NFTs, has been actively working on enhancing its network capabilities. The upcoming upgrade is expected to bring improved performance and additional features to the Enjin ecosystem.

As the cryptocurrency market continues to evolve, exchanges like Binance play a crucial role in facilitating smooth transitions during network upgrades. By managing the technical aspects and ensuring minimal disruption to trading activities, Binance helps maintain market stability and user confidence.

Users are encouraged to stay updated with official announcements from both Binance and the Enjin project team to ensure they are well-informed about the upgrade process and any potential impacts on their trading activities.

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