Binance, one of the world’s leading cryptocurrency exchange platforms, has confirmed its support for the upcoming network upgrade and hard fork of Filecoin (FIL) , a prominent altcoin in the crypto space.
This announcement aims to ensure a smooth transition for users and adapt to the latest advancements in the Filecoin ecosystem.
The network upgrade and hard fork are scheduled to take place on Epoch 3,469,380, approximately 2023-12-12 13:30 (UTC), as announced by Binance.
In preparation for this update, token deposits and withdrawals on the Filecoin network will be suspended starting 2023-12-12 12:30 ( UTC).
However, it is emphasized that token trading on this network will not be affected.
Filecoin has been facing difficulties in the market
The price of Filecoin (FIL) has seen significant fluctuations in recent days, according official data from CoinMarketCap.
It is currently trading at $4.55, showing a 10.83% decline in the last day and a 3.44% decline in the last week.
In a broader context, in the last month, FIL has fallen by 3.83%.
These figures reflect notable volatility in the market, suggesting a series of significant movements in its value in a short period of time.
Binance takes responsibility for handling all technical requirements related to this update on behalf of its users, ensuring a smooth transition and minimizing any disruption during the process.
Once the updated Filecoin network is deemed stable, Binance will resume FIL token deposit and withdrawal services without the need to make any further announcements.
Importantly, Binance stresses the importance of referring to the Filecoin team’s announcement for additional information and clarifications on this particular update.
Binance’s commitment to security and user experience is evident in this strategic move to support the Filecoin hard fork and network upgrade.
This measure seeks not only to maintain user trust in the platform, but also to ensure the integrity and stability of operations in the Filecoin ecosystem as a whole.
