There is significant development for a Binance-listed altcoin. The Bitcoin and altcoin market has been experiencing declines lately. But there are also important exceptions that continue to evolve based on their own internal dynamics. Ambrosus (AMB) showed a significant increase of 120 percent in a short period of time. Accordingly, it stands out with its recent upward movements.
Binance announcement after the increase of Ambrosus
There are moves from Binance, the world’s largest cryptocurrency exchange in terms of trading volume. Due to the recent bullish movements, the attention has been drawn to the altcoin Ambrosus (AMB). In a recent announcement, Binance shared updates on altcoin AMB’s leverage and margin tiers.
In the latest update, Binance Futures announced that it will adjust the leverage and margin tiers for the USDⓈ-M AMBUSDT Perpetual Contract effective from 08/08/2023 08:05 (TSI). It should be noted that this adjustment will affect existing positions opened before the update. The announcement also stated that the funding ceiling multiplier for the USDⓈ-M AMBUSDT Perpetual Contract was increased from 0.75 to 1.
150 million users and a new announcement
Binance has reached an important milestone by surpassing 150 million users. With its market share, Binance’s decisions carry significant weight in the Bitcoin and altcoin industry. With a recent development, Binance is making a statement. BNB announced a network upgrade and hard fork for Smart Chain (BEP20) soon. This strategic move highlights Binance’s commitment to ensuring the efficiency and security of its platforms.
As part of the network upgrade and hard fork, Binance will temporarily suspend token deposits and withdrawals on the BNB Smart Chain (BEP20) from 10:15 AM ET on 30.08.2023. The exchange has not disclosed the exact timeframe for resuming withdrawals. However, it is committed to providing a seamless experience to its users.
Important points to note
Binance provides important information under the “please keep in mind” section. Accordingly, trading of tokens in the BNB Smart Chain (BEP20) will not be affected during the network upgrade and hard fork. In addition, users will be able to continue their trading activities without interruption.
Binance is committed to meeting all technical requirements to ensure a smooth transition for all users and stakeholders involved in the BNB Smart Chain ecosystem. Also, the network upgrade and hard fork will not lead to the creation of new tokens. Thus, the integrity of BNB Smart Chain will be preserved. Finally, when we look at cryptokoin.com, once the upgraded network is considered stable, Binance will continue both deposits and withdrawals for tokens on the BNB Smart Chain (BEP20).
