IOTA investors can finally access the complete service again at the leading crypto exchange Binance. The month-long suspension of deposits and withdrawals in IOTA at Binance has come to an end.
Binance customers who have invested in IOTA are relieved. Since yesterday, Monday you can withdraw IOTA again and then store it on the official IOTA Wallet Firefly or on a hardware wallet Ledger Nano S or Nano X. When the long-awaited news got around on Reddit, it was received with enthusiasm. Because the prehistory is neither a glory for IOTA nor Binance.
Flashback: IOTA 1.5 was launched on April 28, 2021. This major technological upgrade made it necessary to transfer credit in IOTA to the new Tanglenet through a migration process. Binance, the world’s most important trading center for IOTA, announced in advance that it would take the step towards IOTA 1.5 (Chrysalis). Customers are therefore prepared not to have to worry about anything technologically at Binance when it comes to IOTA.
But then, as promised, IOTA did not provide a possibility to link IOTA 1.5 with the popular and widespread hardware wallets from Ledger in a timely manner to the Chrysalis upgrade. It wasn’t until the beginning of August that the promised solution came about how the Ledger Nano S or Ledger Nano X are compatible with IOTA again and older credit can be migrated to the level of IOTA 1.5. In the three months of waiting, frustration had built up, because credit in IOTA 1.5 was more or less frozen on Ledger hardware wallets and could neither be used nor sold.
But even when the IOTA Foundation solved the technological problems in the interaction with Ledger Hardware Wallets, Binance customers continued to look down the tube. According to its own information, Binance stores IOTA credit on Ledger Hardware Wallets and therefore had to put withdrawals in IOTA on hold. The situation then met with incomprehension and outrage when Binance was still unable to support payouts in IOTA. The problem is known, but no date for the solution, according to Binance. After another ten days of waiting – as far as is known – everything is okay for Binance customers with IOTA.
Conclusion: Binance remains an important starting point for trading with IOTA
Binance recently had to cancel some offers in Germany, probably due to pressure from the regulatory authorities. But in spot trading, Binance remains an important and popular platform due to low fees and high liquidity, which in turn guarantees fair prices. This also applies to IOTA, where Binance customers can now again rely on transferring their credit to a Ledger Nano S or Nano X for the highest security standards and storing them there offline.
If you don’t have a Binance account yet, you can set up one here and save 10% fees, you can find out everything you need to know here.