Binance Will Temporarily Stop Sei (SEI) Deposits and Withdrawals, What's Happen?

Bittime – Attention Binance users holding Sei Network (SEI). To facilitate crucial network upgrades, Binance will temporarily suspend SEI deposits and withdrawals. According to Blockbeats this scheduled maintenance ensures smooth operations and continued growth of the Sei network.

Getting to Know Temporary Suspension:

Termination Start Time: April 30, 2024, 23:30 Eastern Time (US) / May 1, 2024, 04:30 Coordinated Universal Time (UTC)

Duration: This temporary outage will remain in effect until the Sei network upgrade is complete and deemed stable by the development team. Binance will closely monitor the upgrade process and resume SEI deposits and withdrawals as soon as possible.

Reason for Outage: The Sei Network is undergoing a scheduled upgrade at block height 73,290,488 (estimated date May 1, 2024, 12:30 Eastern Time / 05:30 Coordinated Universal Time). To ensure a smooth upgrade and protect user funds, Binance will suspend SEI deposits and withdrawals during this period.

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Impact on Users:

Deposits and Withdrawals: SEI deposits and withdrawals will not be available during the temporary suspension period. Any transfers initiated before the specified start time will be processed normally.

However, deposits or withdrawals made after 23:30 Eastern Time on April 30 (04:30 UTC on May 1) will be delayed until the upgrade is complete.

Trading: The good news is that SEI trading on the Binance platform will not be affected. Users can continue to buy, sell and convert their SEI holdings as usual.

What to Expect After Upgrade:

Resumption of Services: Binance will resume SEI deposits and withdrawals once the network upgrade is complete and deemed stable. The platform will not issue a separate announcement regarding the resumption of services. Users can expect deposit and withdrawal functionality to be restored automatically as soon as the upgrade is completed.

Stay Informed: Binance encourages all SEI holders on Binance to stay informed about the upgrade process. You can follow Binance's official announcement channels, including social media platforms and website updates, for any developments or potential delays.

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The Importance of Network Improvement

Network upgrades are critical to maintaining the security, efficiency, and scalability of blockchain networks. These upgrades can introduce new features, increase transaction processing speed, and improve overall network performance. 

By temporarily suspending SEI deposits and withdrawals, Binance is actively supporting the upgrade of the Sei network and contributing to its long-term success.

This scheduled maintenance ensures continued growth and stability for the Sei network.

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How to Buy Crypto from Bittime

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Learn Complete Guide How to Buy Crypto on Bittime . 

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.