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Binance Suspends TROY (BSC) Deposits Amid Security Concerns
January 3, 2025 – In a recent announcement made via their X platform, Binance has suspended TROY deposits on Binance Smart Chain (BSC) as a precautionary measure to address potential security concerns surrounding the token contract.
According to the official statement from Binance, the suspension of deposits is a result of uncertainty regarding the collateral or backing for the creation of TROY tokens. Despite efforts to clarify the matter with the TROY team, clear answers were not provided, prompting the exchange to take decisive action to protect its users and their funds.
This move by Binance echoes similar incidents in the past where the exchange has paused activity on tokens when potential security threats have been discovered. In fact, the exchange previously halted trading for a cross-chain bridge back in October 2024 due to an exploit.
The impact of this suspension is limited solely to TROY deposits and withdrawals on the Ethereum network remain unaffected. The exchange has not indicated when or if it will reopen deposits for TROY on BSC, stating that no separate announcement would be made should the issue be resolved.
Binance’s swift action demonstrates its commitment to maintaining transparency and security within the crypto ecosystem.
Source: www.cryptonewsz.com
