Binance Will Temporarily Halt Withdrawals and Deposits on the Ethereum (ETH) Network: Details

TL;DR

  • Binance will temporarily suspend ETH deposits and withdrawals for two hours during wallet maintenance.
  • The company regularly updates its platform by adding new trading pairs and delisting certain cryptocurrencies due to security or liquidity issues, continuously aiming to enhance user experience.

The Upcoming Development

The world’s largest cryptocurrency exchange will perform wallet maintenance for the Ethereum (ETH) network on May 29. The process is scheduled to take approximately two hours. 

To support the development, Binance will temporarily suspend deposits and withdrawals on the ETH network and will resume operations once everything is wrapped up. 

The company assured that the trading of assets on the aforementioned ecosystem will not be impacted and promised to handle all technical requirements involving users. 

It is important to note that Binance stated there will be no further announcements on the above. This means that whatever users come across on the Internet should be taken with a grain of salt.

Previous Similar Efforts

Earlier this year, the exchange temporarily halted Solana (SOL) withdrawals, citing “increased volume of transactions on the network.” It apologized to clients for the inconvenience and restored services a few days later.

Binance frequently updates its platform to respond to recent market trends in a move to improve user experience. Most recently, it expanded the list of trading choices offered on Binance Spot with the following pairs: PEPE/EURO, AR/FDUSD, ENA/EUR, REZ/USDC, and TRB/FDUSD. It also allowed trading bots services for PEPE/EURO, BB/USDT, NOT/USDT, AR/FDUSD, ENA/EUR, PEPE/EUR, REZ/USDC, and TRB/FDUSD.

Prior to that, the firm added the XRP/JPY, SHIB/JPY, ADA/JPY, and SOL/JPY trading pairs on Binance Spot and simplified operations for Mexican users by introducing a direct pair between USDT and MXN.

Delisting some cryptocurrencies due to security concerns or poor liquidity has been on the company’s agendatoo. It terminated trading services with Monero (XMR) and three other altcoins – Aragon (ANT), Multichain (MULTI), and Vai (VAI) – in February.

Earlier this month, Binance announced that it will discontinue support for Ripple’s XRP and the stablecoin TUSD as margin assets in the Multi-Assets Mode. The amendment is scheduled to come into effect today (May 28) and any remaining XRP and TUSD balances in futures wallets will be automatically converted to USDT. 

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