Binance, the world’s largest cryptocurrency exchange, announced that it will support the network update and hard fork of the IoTeX (IOTX) token, according to its official announcement.

Following the announcement, there was a sudden rise in the IOTX altcoin price. In fact, the increase in the price of the token in this development, which is not very bullish, is attributed to the buying of bots following Binance announcements.

In the announcement made by the company, it was announced that deposit and withdrawal transactions for the altcoin in question will be stopped on July 22, 2024 at around 02:00 Turkey time (UTC+3) and updates will be made. However, the update will be completed in approximately 65 minutes and deposits and withdrawals will restart at 03:05.

Although updates made by altcoins are almost always supported by cryptocurrency exchanges, Coinbase is an exception. In particular, cryptocurrencies that change network, that is, switch to a different blockchain network, are generally not supported by Coinbase and result in their delisting.

*This is not investment advice.