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Binance, one of the world’s largest cryptocurrency exchanges, recently issued an important update regarding its ongoing network upgrade for Toncoin (TON). In a tweet, Binance acknowledged that the upgrade is taking longer than anticipated due to unforeseen technical challenges.
Binance wrote in its tweet: "Service Update. Our TON network upgrade is taking longer than expected due to unforeseen issues. Rest assured, our team is working diligently to restore normal service as quickly as possible."
Service Update!
— Binance (@binance) August 26, 2024
Our $TON network upgrade is taking longer than expected due to unforeseen issues. Rest assured, our team is working diligently to restore normal service as quickly as possible.
Thank you for your understanding!
While Binance did not provide specific details regarding the nature of the technical issues, the exchange reassured users that its technical team is working tirelessly to resolve the situation and ensure that service returns to normal as soon as possible.
Delays in network upgrades can temporarily affect deposits, and withdrawals for the specific cryptocurrency involved — in this case, Toncoin. Binance has not specified how long the delay is expected to last, but the exchange’s proactive communication is intended to keep users informed and eliminate potential concerns.
TON price action
Toncoin, The Open Network's token, fell by more than 20% after Telegram CEO Pavel Durov was reportedly arrested at a Paris airport on Saturday on suspicion of failing to make efforts to prevent the criminal use of Telegram.
The Open Network, or TON, blockchain has access to Telegram's 900 million monthly users through collaboration and plans to offer services such as in-app payments and gaming. TON's ascent has fueled predictions that Telegram has a chance to become a "super-app" in the vein of Chinese behemoths such as WeChat.
The 10th largest crypto asset recovered some of its losses, trading down 2.21% in the last 24 hours to $5.53 at press time, but is down 18.11% weekly.