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Temporarily holding Tezos operations on Binance

23-Jun-2022 By: Somesh Gaur
Temporarily holding

Temporarily holding Tezos operations on Binance

The Binance exchange is getting ready to accommodate an upgrade that the Tezos network is putting into place.

Tezos (XTZ) has stated that on June 27, 2022, it will upgrade its network. The network will undergo its tenth upgrade with this one, nicknamed "Jakarta 2." The upgrade proposal has already received community approval.

The upgrade will be supported, according to a statement from the Binance exchange.

Tezos claims that the Jakarta 2 upgrade would address network problems and weaknesses. To increase the network's effectiveness and security, all reported bugs will be repaired. If these issues are not fixed, an attacker may be able to influence the network and perhaps cause it to stall. 

The implementation of the test Transaction Optimistic Rollups (TORUs) 9 feature was negatively impacted by two significant issues that we reported in the original Jakarta protocol proposal 11. 

On June 27 at about 23:27 UTC, an update is anticipated to take place at block 2,490,369 of the Tezos network.

As a result, prior to the upgrade, all withdrawals and deposits for XTZ will be stopped. They will then be allowed to resume as soon as the upgrade is complete and the network has stabilized.

The Tezos (XTZ) network update will occur at block height 2,490,369 on Tezos, or roughly at 23:27 on June 2, 2022. (UTC). Beginning roughly at 2022-06-27 22:27 (UTC), deposits and withdrawals of XTZ will be halted.

Trading in XTZ won't be impacted during that time, though. The exchange will also take care of all technological requirements for Tezos user accounts.

Other related news : Binance has suspended direct deposits and withdrawals in Brazil

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