Binance to Temporarily Halt TON Deposits and Withdrawals Later This Month: Here’s Why

TL;DR

• Binance will temporarily suspend TON deposits and withdrawals on August 26, but trading will remain unaffected.
• The company introduced certain trading pairs involving the altcoin earlier this month, contributing to its price rally as of late.

What Is the Reason?

The world’s leading cryptocurrency exchange will perform wallet maintenance for The Open Network (TON) on August 26, temporarily suspending TON deposits and withdrawals. The maintenance is expected to take about two hours, after which all services will be resumed.

Binance assured that the initiative will not impact token trading on the aforementioned network. It also promised to handle all technical requirements for users. 

The exchange stated there would be no further announcements on the above, meaning that users should question if they find additional information about this on the Internet.

Earlier this month, Binance showed support for Toncoin (TON) – the native cryptocurrency of The Open Network – by listing the TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY trading pairs.

The price of the altcoin reacted positively to the news, spiking by approximately 10% on a 24-hour scale and reaching $6.40. 

TON’s Success in 2024

The cryptocurrency has been among the best market performers in the past several months, witnessing a price rally of over 190% since January 1, 2024.

TON’s impressive rally began in late February when Pavel Durov, the CEO of the messaging application Telegram, announced that the platform would start sharing 50% of the ad revenue generated on Telegram channels with the channel owners. He also said that these payments would be made exclusively in Toncoin.

“Similar to our approach with Telegram usernames on Fragment, we will sell ads and share revenue with channel owners in Toncoin. This will create a virtuous circle, in which content creators will be able to either cash out their Toncoins – or reinvest them in promoting and upgrading their channels,” Durov’s statement reads.

TON continued its uptrend in the following months, and in April, it became one of the top 10 biggest cryptocurrencies after flipping Cardano (ADA).

The rally happened shortly after the Ton Society (a community-driven entity linked to The Open Network) partnered with the AI company HumanCode. As part of the collaboration, the former offered an incentive of one million TON tokens to encourage users to adopt HumanCode’s palm-scanning technology.

While many leading cryptocurrencies experienced a correction during the first half of June, this was not the case with TON, which tapped a new all-time high of around $8.18. The price almost reached that peak in July before experiencing enhanced volatility and eventually settling to the current level of around $6.60.