Binance will suspend TON deposits and withdrawals later this month: Here’s why

lengthy story quick

• Binance will droop deposits and withdrawals of TON on August 26, however transactions won’t be affected.
• The corporate launched sure buying and selling pairs involving altcoins earlier this month, fueling its current value features.

What is the motive?

The world’s main cryptocurrency trade will implement The Open Community (TON) pockets will bear upkeep on August 26, and TON deposits and withdrawals will probably be quickly suspended. Estimated restore time is roughly two hours Which All companies will probably be restored.

Binance assured that this transfer won’t have an effect on the buying and selling of tokens on the above-mentioned community. It additionally guarantees to satisfy all technical necessities For customers.

The trade stated it will not make additional bulletins on the above content material, which suggests customers ought to query whether or not they discover extra details about this content material on-line.

Earlier this month, Binance expressed assist for Toncoin (TON) – native cryptocurrency open community – undergo Listed TON/BTC, TON/USDT, TON/FDUSD and TON/TRY buying and selling pairs.

this Altcoin Costs Response to the information was constructive, rising round 10% in 24 hours to $6.40.

TON’s success in 2024

The cryptocurrency has been one of many market’s greatest performers over the previous few months, with costs up greater than 190% since January 1, 2024.

TON’s spectacular rebound started in late February, when TON CEO Pavel Durov Messaging app Telegram, declare The platform will begin sharing 50% of the promoting income generated on Telegram channels with channel homeowners. He additionally stated These funds will probably be made Toncoin solely.

“Much like how we use Telegram usernames on Fragments, we are going to promote advertisements in Toncoin and share the income with channel homeowners. this will create a virtuous cycle the place content material creators will have the ability to Both money out their Toncoins or reinvest in selling and upgrading their channel,” Durov’s assertion learn.

TON continued its upward development over the subsequent few months, and in April, become One of many high ten cryptocurrencies after Cardano (ADA).

This gathering happened shortly after the Ton Society (a community-driven entity associated to the open internet) partnership Partnering with synthetic intelligence firm HumanCode. As a part of the collaboration, the previous affords incentives 1 million TON tokens to encourage customers to undertake HumanCode’s palm scanning expertise.

Whereas many main cryptocurrencies skilled corrections within the first half of June, this was not the case for TON, which hit an all-time excessive of round $8.18. Costs practically peaked in July earlier than growing volatility earlier than ultimately settling at present ranges of round $6.60.