Crypto Analyzer

Binance to Cease MAGIC Deposits and Withdrawals via Ethereum Network Due to High Fees and Slow Transaction Speeds

Binance, one the most prominent cryptocurrency exchanges in the world, announced it would no longer support deposits or withdrawals of Magic (MAGIC), via the Ethereum network.

The Binance website announced that the Ethereum network’s high transaction fees and slow transaction speeds caused Binance to discontinue support for MAGIC. This has made it difficult to withdraw and deposit MAGIC quickly, so Binance decided to search for other solutions.

Binance said that it is looking for a solution. It will release an announcement as soon as it is available. Users who wish to withdraw MAGIC or deposit it can do so via other supported networks.

Binance, which is a major cryptocurrency exchange and trader of MAGIC, might be disappointed. Binance assured users that they are committed to finding a solution which will allow seamless withdrawal and deposit of MAGIC in future.

For updates, users are encouraged not to forget to visit the Binance website or social media channels.