Binance Suspends NEAR Deposits and Withdrawals233

Binance, the world's largest cryptocurrency exchange by trading volume, has suspended NEAR Protocol (NEAR) deposits and withdrawals until further notice. The suspension was announced on May 12, 2023, via a Binance support page update.

The announcement did not provide a specific reason for the suspension, but it did state that the exchange was "working on resolving the issue as soon as possible." Binance also advised users to "be patient" during the suspension period.

NEAR is a blockchain platform that is designed for the development of decentralized applications (dApps). The NEAR token is the native cryptocurrency of the NEAR platform and is used to pay for transaction fees and to stake validators.

The suspension of NEAR deposits and withdrawals on Binance is likely to have a negative impact on the price of NEAR. At the time of writing, the NEAR token is trading at $2.50, down by 5% in the past 24 hours.

It is unclear how long the suspension will last. Binance has not provided a timeline for resolving the issue.

This is not the first time that Binance has suspended deposits and withdrawals for a cryptocurrency. In March 2023, the exchange suspended Ethereum (ETH) and ERC-20 token deposits and withdrawals for several hours due to a technical issue.

The suspension of NEAR deposits and withdrawals is a reminder that cryptocurrency exchanges are not immune to technical issues. It is important to be aware of the risks involved in using cryptocurrency exchanges and to keep your funds in a secure wallet whenever possible.

Here are some things that you can do to protect your cryptocurrency:
Use a hardware wallet to store your cryptocurrency.
Only use reputable cryptocurrency exchanges.
Enable two-factor authentication (2FA) on your account.
Be aware of the risks involved in using cryptocurrency.

Here are some additional resources on NEAR Protocol:* [NEAR Protocol website](/)
* [NEAR Protocol whitepaper](/whitepaper/)
* [NEAR Protocol telegram group](/cryptonear)

2024-10-18

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