Binance, a leading cryptocurrency exchange, has announced its support for the upcoming Filecoin (FIL) network upgrade. The exchange plans to temporarily suspend deposits and withdrawals of FIL tokens starting November 20, 2024, at 22:00 UTC. The network upgrade is scheduled to occur at block height 4,461,240, estimated to happen around 23:00 UTC on the same day.
Trading of FIL tokens will not be impacted, and Binance will manage all technical requirements for the upgrade. The suspension of deposits and withdrawals is a standard procedure to ensure network stability and security during significant upgrades. Binance has committed to reopening these services once the network is deemed stable.
Filecoin is a decentralized storage network undergoing continuous development to enhance its performance and security. This latest upgrade is part of ongoing efforts to improve the network’s capabilities and offer better service to users worldwide. Binance’s support for the upgrade underscores its commitment to facilitating smooth transitions during critical updates.
