Binance Suspends Siacoin Deposits & Withdrawals Due to Major Upgrade

Binance has announced a temporary suspension of Siacoin deposits and withdrawals, effective June 6th at 05:00 UTC. This crucial action is in support of the upcoming network upgrade for the Siacoin blockchain. 🛡️. 🧐 To understand why this matters, here’s the breakdown: ➡️ The update will bring improvements to Siacoin’s scalability, security, and efficiency. 🤝 Binance wants to ensure a smooth transition by halting operations during the process so users can safely access their funds after the upgrade is complete. This suspension allows for a controlled environment where transactions on both old and new versions of the chain don’t conflict.