Binance temporarily halts MATIC deposits and withdrawals

  • Last week, Polygon experienced an extended outage that resulted from an issue related to the Heimdall node
  • Binance’s suspension follows a series of updates on the Polygon network that were meant to remedy the situation

Early Tuesday, the world’s largest crypto exchange Binance notified its users that it had temporarily paused deposits and withdrawals via the Polygon network. The exchange said it had taken the decision as it works with Polygon to solve “network-wide issues.” The Chaopeng Zhao-led exchange added that it would restore support for Polygon’s MATIC token– once the network is stable.

Binance explained that any deposits that would be done during the suspension of service would be credited as soon as service is restored.

Polygon developers were keen to point out on Twitter that the network remained stable and was working as expected, adding that Binance had only paused the said services to upgrade its nodes and sync block data.

“Polygon PoS network is stable, and working fine. All funds are safe. Binance is upgrading its nodes, and currently syncing the block data, hence they have paused the deposit and withdrawal,” the developer’s Twitter team account shared.

The developers’ team also directed the community to its latest update following an extended period of downtime that Polygon suffered towards the end of last week. The nearly 12-hour outage crossed into Friday from Thursday evening last week as the devs attempted to resolve an issue with the network’s Heimdall node.

The team said that due to a bug that had shipped with a previous update, Heimdall validators were operating on varying chain versions; thus, the network could not achieve 2/3 consensus. Since the outage was meant to last only a few hours, its extended period caused concern among users.

Though the network was restored with a temporary hotfix on Friday, it took two more days before the Polygon Bridge could be restored and attain full recovery. The bridge enables users to move ETH and other ETH-derived tokens across the networks.

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