Binance has announced a temporary suspension of deposits and withdrawals for the CELO token to facilitate the upcoming Celo Network upgrade.
The suspension will commence at 17:00 UTC, one hour prior to the scheduled network hard fork at 18:00 UTC. Trading of CELO tokens on the exchange will remain unaffected throughout the upgrade process.
This planned network upgrade aims to optimize the Celo Network’s core infrastructure, enhance its scalability, and bolster security measures. Binance’s role in temporarily suspending transactions helps ensure a smooth transition for users during the network change.
The upgrade is anticipated to strengthen the Celo Network’s capabilities for supporting decentralized finance (DeFi) applications and Web3 solutions. Binance will reopen deposits and withdrawals for CELO once the upgraded network is deemed stable.