In an official announcement, KuCoin has stated that it has temporarily closed both its depositing and withdrawal functions for Nano. The apparent reason for doing so is because of Nano’s ‘bad network conditions.’ KuCoin has not provided any additional information, only that its users should wait for updates.
Currently, Binance is also reportedly struggling with Nano deposits and withdrawals. While the exchange has not released any statements, a recent post on the official subreddit reveals that they are also suffering from facilitating trades for Nano. Mercatox and Okex have also been experiencing downtime.
Troy Retzer, head of Nano public relations, took to Reddit to shed some light on the issue, explaining that the problem stemmed from the developers of Nano rather than the exchanges themselves. ‘Due to a network issue related to syncing and bootstrapping, the Nano core team has temporarily requested exchanges halt transactions until the bug is resolved,’ he stated. This suggests that other exchanges will also be hit with the same problems, if not now, then in the coming days or even hours. Retzer further stated that solving the problem is the team’s ‘top priority’ and that there will be a detailed write-up of the issue in question ‘once resolved’.
Currently, the only high-profile exchange that is confirmed to have working Nano functions is Nanex, who made this abundantly clear in a recent tweet. The exchange pointed out that they did not suffer from the same issue as others when implementing Nano, and that they are working with the Nano core team to help solve it.
This issue comes shortly after the Nano v11 was released, which was designed to aid adoption among exchanges and provide support for universal blocks. You can find more information about the v11 release here.
Kai is a cryptocurrency copywriter and professional trader. He can often be found investigating various cryptocurrencies, whitepapers, and blockchain technologies. Kai has been a professional writer for 5+ years, and has invested in 50+ different coins and tokens. He also currently studies Law and Philosophy at university.
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