Binance to Conduct BNB Smart Chain (BEP20) Wallet Maintenance on September 5

The world's largest crypto exchange will conduct wallet maintenance for BNB Smart Chain (BEP20) on September 5.

Binance, the world’s largest cryptocurrency exchange, will perform planned wallet maintenance for BNB Smart Chain (BEP20) on September 5. During this time, deposits and withdrawals on the network will be temporarily halted to facilitate the smooth completion of the maintenance.

The maintenance is expected to take approximately two hours, after which all services will be fully resumed. Notably, the trading of tokens on the BNB Smart Chain network will not be affected by this maintenance.

“The trading of token(s) on the aforementioned network will not be impacted. Binance will handle all technical requirements involved for all users,” Binance stated in the announcement.

BNB Smart Chain is a platform developed by Binance that boasts compatibility with the Ethereum Virtual Machine (EVM). This compatibility allows developers to seamlessly migrate their projects from Ethereum without the need to rewrite the code.

The platform operates alongside the BNB Beacon Chain (formerly known as Binance Chain), thanks to Binance’s unique dual-chain architecture. This specific design enables users to easily transfer assets between the two chains, opening up a wider range of possibilities for trading and decentralized applications (dApps).

The native cryptocurrency of BNB Smart Chain is Binance Coin (BNB), which serves two primary functions within the network. First, BNB is utilized to pay for transaction fees, ensuring the efficient processing of transactions on the chain. Secondly, BNB holders can stake their assets to participate in the network’s consensus mechanism.

BNB Price Outlook

The asset began 2023 on a positive note, surging from $312 on January 1 to reach an all-time high of approximately $710 in June. At the time, BNB’s market capitalization surpassed the 7-figure mark, enabling it to outpace well-known companies such as Starbucks, Dell, UBS, and others in terms of valuation.

However, the token’s price trajectory shifted course in the following months, leading to a gradual decline. As of now, BNB is trading at around $500 (according to CoinGecko’s data), reflecting a 6% decrease on a daily basis. This downturn coincides with a broader slump in the cryptocurrency market, which saw Bitcoin (BTC) briefly dip below $56,000 and Ethereum (ETH) tumble to as low as $2,300.

One factor that may trigger a renewed rally for BNB is the end of Changpeng Zhao’s prison sentence. Earlier this year, the former CEO of Binance was ordered to spend four months in prison after pleading guilty to violating certain anti-money laundering requirements. Zhao (better known as “CZ”) is scheduled for release at the end of this month.

“BNB Position: Let’s play a game CZ out of jail pump,” stated one X user.

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