Binance will suspend withdrawals and deposits through the Tron network next Thursday (23)

This Monday (20) the cryptocurrency exchange Binance announced on its official Twitter account that it will suspend deposits and withdrawals on the Tron network. According to the announcement, the suspension will be temporary and will take place next Friday (23).

Binance reported that the reason for the decision is to carry out maintenance on the network. In addition, it was informed that the maintenance will start at 03:00 on the next Friday and will take about an hour.

Tron (TRX) is still in trouble

According to TradingView data, Tron (TRX) has been experiencing an almost 20% drop in value over the last week.

This drop in the value of TRX is due to factors such as:

  • The current moment in the cryptocurrency market.
  • The loss of parity with the dollar of its stable currency (USDD) a few weeks after its release.

Tron Price (TRX) / TradingView

How important is Tron in the cryptocurrency ecosystem?

Tron is a platform that aims to change the way of creating and consuming content, allowing users to pay directly to the creators themselves in a decentralized way.

According to CoinGecko, native cryptocurrency (TRX) is one of the top 20 in the ecosystem by market capitalization. In a short time it became one of the most used cryptocurrencies by users of the network.

Additionally, Tron partnered in 2019 with electronics giant Samsung. The aim was to embed blockchain wallets in TRX-compatible S10 model phones, thus showing plans to increase the usability of the network.

Due to the importance of the Tron network in the blockchain ecosystem, users are holding out hope for a turnaround for the project, spurred on by recent steps taken by Tron creator Justin Sun to prevent a further decline in TRX and USDD.

Also read: Circle CEO does not rule out the possibility of USDC users being blocked

Also Read: Bukele Asks For Patience Over Bitcoin Drop And Loses Popular Support

Read also: Interest in ‘Bitcoin’ in Google searches hits 12-month high amid high volatility

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