IOTA investors can finally access full service again at leading crypto exchange Binance. The months-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, they 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 made the rounds on Reddit, it was met with enthusiasm. After all, the back story is not a glorious one for either IOTA or Binance.
Flashback: On April 28, 2021, IOTA 1.5 was launched. This major technological upgrade made it necessary to transfer balances in IOTA to the new Tanglenet through a migration process. Binance, as the world’s main trading venue for IOTA, had announced in advance that it was going along with the move to IOTA 1.5 (Chrysalis). Customers therefore braced themselves for not having to worry about anything technologically at Binance when it came to IOTA.
But then IOTA did not deliver a way to link IOTA 1.5 with Ledger’s popular and widely used hardware wallets in time for the Chrysalis upgrade as promised. It wasn’t until early August that the promised solution came on how to make the Ledger Nano S or Ledger Nano X compatible with IOTA again and migrate older balances to IOTA 1.5 levels. Frustration had built up in the good three months of waiting for this, as balances in IOTA 1.5 were effectively frozen on Ledger hardware wallets and could not be used or 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 assets on Ledger hardware wallets and therefore had to put payouts in IOTA on hold as well. The situation was met with incomprehension and indignation when Binance was still unable to support payouts in IOTA. The problem was known, but a date for the solution was not, Binance said. After another ten days of waiting, however, everything is now – as far as is known – okay for Binance customers using IOTA.
Conclusion: Binance remains an important contact point for trading with IOTA
Binance has recently had to cancel some offers in Germany, probably due to pressure from regulators. But in spot trading, Binance remains important and popular platform due to low fees and high liquidity, which in turn guarantees fair prices. This also applies to IOTA, where now Binance customers can again rely on transferring their funds to a Ledger Nano S or Nano X for highest security standards and store them there offline.