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Binance to Temporarily Suspend Ethereum (ETH) Deposits on This Date

Wed, 04/05/2023 - 14:38
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Tomiwabold Olajide
Deposits and withdrawals on Ethereum network (ERC20) will be suspended on this date
Binance to Temporarily Suspend Ethereum (ETH) Deposits on This Date
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Top crypto exchange Binance has said it will temporarily suspend Ethereum (ETH) deposits and withdrawals for a few hours on April 6.

Binance says it will perform wallet maintenance for the Ethereum network (ERC20) on April 6 at 7:00 a.m. UTC. It says the maintenance will take about two hours. To that end, deposits and withdrawals on the Ethereum network (ERC20) will be suspended starting from April 6 at 6:55 a.m. (UTC).

However, the trading of tokens on the Ethereum network (ERC20) will not be affected during wallet maintenance. It will reopen deposits and withdrawals after the maintenance is complete but will not notify users with a further announcement.

Binance to support Shapella network

In a separate announcement, Binance says it will support the Ethereum (ETH) network's Shapella upgrade.

Staked ETH withdrawals will be made possible by the Shanghai upgrade, also known as "Shapella," which completes Ethereum's entire transition to a proof-of-stake (PoS) network. The long-awaited Shanghai hard fork has an April 12 target date, according to Ethereum developers.

Ethereum (ETH) Developers Confirm Shapella Upgrade Date: Details

Binance offers the expected schedule of the Ethereum (ETH) network's Shapella upgrade as epoch 194,048; it is estimated to occur on April 12 at 10:27 p.m. (UTC).

Deposits and withdrawals for ETH, OP, ARB and ERC-20 tokens via the Ethereum (ETH), Optimism (OP) and Arbitrum (ARB) networks will be suspended approximately starting from April 12 at 10:20 p.m. (UTC).

In other improvements, Binance says it will be increasing the minimum unlock count of deposits on the Ethereum (ETH) network from the current 12 blocks to 64 blocks following the Shapella upgrade.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.