Binance temporarily paused withdrawals and deposits via Polygon

The suspension is due to network-wide issues on Polygon, according to a Binance announcement. All operations will be resumed once the network is stable.

A stock photo featuring a ladybug on the circuit board.

Polygon (MATIC) is a Layer 2 scaling solution running alongside the Ethereum blockchain that allows for lower fees and faster transactions. The issue reportedly originated from an update released on March 11. The bug in the third Heimdall layer caused a split between validators, leading to the inability to reach ⅔ consensus.

Later on, Polygon developers announced on Twitter they released a minor upgrade to fix the issue, and the network resumed normal operation. They also clarified that Binance is currently upgrading its nodes and syncing block data, which is why all operations were temporarily halted.