Binance Supports Bitcoin Cash Network Upgrade
Binance, one of the world’s leading cryptocurrency exchanges, has announced its support for the upcoming network upgrade of Bitcoin Cash (BCH), providing assurance to its users that the process will be handled smoothly. The network upgrade is scheduled to take place on May 15, 2023, at 12:00 (UTC).
Binance will support the Bitcoin Cash (BCH) network upgrade at 2023-05-15 12:00 (UTC). This upgrade mainly adds the CashTokens issuance token mechanism similar to ERC20, and also adds P2SH32, which expands the P2SH address from 20 to 32 for better security.…
— Wu Blockchain (@WuBlockchain) May 14, 2023
BCH Upgrade Technicalities
In preparation for the upgrade, Binance will temporarily suspend deposits and withdrawals of BCH starting from approximately 11:30 (UTC) on May 15, 2023. This precautionary measure aims to ensure the stability and integrity of the network during the upgrade process. However, it’s important to note that the trading of BCH on Binance will not be affected. Users will still be able to buy, sell, and trade BCH without interruption during the network upgrade.
Binance has taken the responsibility of managing all technical requirements involved in the network upgrade for its users who hold BCH in their Binance accounts. This means that users do not need to take any additional actions or make any changes to their accounts in anticipation of the upgrade. Binance aims to provide a seamless experience for its users and ensure that their BCH holdings are secure during this process.
BCH Deposits and Withdrawals
Once Binance determines that the upgraded Bitcoin Cash network is stable and fully functional, it will reopen deposits and withdrawals for BCH. However, the exchange has clarified that it will not notify users in a separate announcement when this occurs. Therefore, it is advisable for users to regularly check Binance’s platform for updates on the status of BCH deposits and withdrawals.
Binance has emphasized that in case of any discrepancies between the translated versions of the announcement and the original English version, the English version should be considered the authoritative source of information.
By offering its support for the Bitcoin Cash network upgrade, Binance is demonstrating its commitment to the smooth operation of the cryptocurrency ecosystem. The exchange’s handling of the technical aspects of the upgrade on behalf of its users aims to alleviate any concerns and contribute to the overall stability and development of the BCH network.
