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Binance halts Polygon transactions due to network issue

Earlier on March 11, the problem occurred after an upgrade to Polygon’s network. Polygon said that the cause may be a bug during the upgrade

The crypto platform Polygon has been reporting network problems. Because of this crypto exchange Binance has temporarily stopped all transactions from this platform. The Binance website states that deposits and withdrawals for the Polygon network have been suspended. However, no reason was given for this. The exchange claims to be working with the Polygon team to resolve the issue. 

However, Polygon says its network is working fine. Along with that he mentioned that Binance is upgrading its nodes and syncing the block data for it. Due to this the exchange has stopped deposits and withdrawals. Earlier on March 11, the problem occurred after an upgrade to Polygon’s network. Polygon had said that the cause may be a bug during the upgrade. 

Polygon’s network is made up of three layers. Each of these has a different function. The Ethereum layer is associated with smart contracts, while the Bor layer helps to generate the blocks. The third layer is Heimdall and there was a problem with this. The suspected bug resulted in different Heimdall validators going to different versions of the chain and not agreeing to greenlight transactions. This problem lasted for a few hours and caused problems for many projects and traders. 

Binance has recently been granted a crypto service provider license by the Central Bank of Bahrain. This is the first such license in the Gulf Cooperation Council (GCC). Binance believes that licensing and regulatory requirements will protect users with a strong anti-money laundering and counter-terrorism financing policy. After getting this license, the reach of Binance has increased in the global market. In addition, Binance last year partnered with the Dubai World Trade Center (DWTC) to help build an international virtual asset ecosystem. The Virtual Asset Regulatory Authority (VARA) has also been created in Dubai to oversee the crypto segment. It will decide the types of virtual assets, categories and controls to monitor them. 

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