Cryptocurrency platform Binance has announced a significant update for its users concerning IRISnet (IRIS). Starting from 07:30 Turkey time on May 20, 2024, the ability to deposit and withdraw IRIS tokens will be temporarily suspended to facilitate an upgrade aimed at improving user interactions.

Upgrade Schedule

The network upgrade is set to occur at block height 25,006,118, expected around 08:30 Turkey time on May 20, 2024. Binance has confirmed that trading activities involving IRIS tokens will continue as usual during this upgrade period.

Impact on Users

Binance has assured users that all necessary technical adjustments will be managed to ensure a seamless transition. Once the network upgrade is stable, the suspension on deposits and withdrawals will be lifted. Users are advised to stay updated through Binance's communications for any further details, with no additional announcements currently planned.

Key Points for Users

Deposits and withdrawals of IRIS tokens will be temporarily halted starting at 07:30 Turkey time on May 20, 2024.

The network upgrade is scheduled to take place at block height 25,006,118, expected around 08:30 Turkey time.

Trading of IRIS tokens will continue without interruption during the upgrade process.

Binance will oversee all technical aspects of the upgrade to ensure a smooth transition.

Deposits and withdrawals will resume once the network stability is confirmed.

These practical insights enable users to plan their transactions effectively and mitigate any potential disruptions. Binance's proactive approach to the IRISnet (IRIS) network upgrade aims to deliver a seamless user experience. By temporarily pausing deposits and withdrawals, the exchange aims to minimize inconvenience while successfully implementing the upgrade. Users are encouraged to stay informed through Binance's official channels for any updates.