Binance, which boasts the highest trading volume among cryptocurrency exchanges, has announced a temporary suspension of deposits on Tron’s (TRX) network for wallet maintenance purposes. Despite this, withdrawals from the network will not be affected by the maintenance. Although Binance has not disclosed the reason behind the maintenance, it has reassured its users that deposit services will resume as soon as the process is finished.
Tron is a blockchain-based platform that aims to create a decentralized internet by offering high throughput, low latency, and high scalability. The Tron network uses its native token, TRX, as a means of payment and governance for the platform. The token is currently trading at $0.067, according to CoinMarketCap.
Binance’s decision to perform maintenance on the Tron network comes amidst growing concerns over the security and reliability of cryptocurrency exchanges. In recent years, several exchanges have suffered from hacking attacks, leading to the loss of millions of dollars worth of cryptocurrencies. Exchanges are constantly upgrading their security measures and infrastructure to prevent such incidents from happening in the future.
Binance has been in the news lately for other reasons as well. The exchange has been facing regulatory scrutiny in several countries, including the United States, Japan, and the United Kingdom. The company has been taking steps to comply with local regulations and has appointed a new CEO, Brian Brooks, who previously served as the acting head of the Office of the Comptroller of the Currency (OCC) in the United States.
