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Binance, one of the world's largest cryptocurrency exchanges, recently issued an important update on its ongoing network upgrade for Toncoin (TON). In a tweet, Binance acknowledged that the upgrade is taking longer than expected 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 soon as possible.”
Although Binance did not provide specific details on the nature of the technical issues, the exchange assured users that its technical team is working tirelessly to resolve the situation and ensure that the service returns to normal as soon as possible.
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Delays in network upgrades can temporarily impact deposits and withdrawals for the respective cryptocurrency – 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 address any potential concerns.
TON price promotion
Toncoin, the token of The Open Network, fell 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 criminal use of Telegram.
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Blockchain Open Network (TON) has access to Telegram's 900 million monthly users through collaboration and plans to offer services such as in-app payments and games. The rise of TON has fueled predictions that Telegram has a chance to become a “super app” in the style of Chinese giants such as WeChat.
The tenth-largest crypto asset recovered some of its losses and traded 2.21% lower over the past 24 hours to $5.53 at press time, but on a weekly basis, it is down 18.11%.
