Major crypto exchange Binance has announced an upcoming temporary pause on deposits and withdrawals on the Ethereum network. This interruption is scheduled for May 29, as the exchange undertakes routine wallet maintenance.
The maintenance window is expected to last approximately two hours, beginning at 7:00 a.m. (UTC) on May 29. During this period, users will not be able to deposit or withdraw Ethereum or any ERC-20 tokens associated with the network. It is important to note that trading of these tokens will not be affected and will continue as usual during maintenance.
As stated in an official blog post, Binance will perform wallet maintenance for the Ethereum network (ETH) on May 29 at 7:00 a.m. (UTC). To support wallet maintenance, deposits and withdrawals on the Ethereum network (ETH) will be suspended on the said date starting from 6:55 a.m. (UTC) and resume when the maintenance is complete.
#Binance will perform wallet maintenance for the Ethereum network $ETH starting from May 29, 07:00am UTC.
The maintenance will take approximately 2 hours.
Deposits and withdrawals will reopen once maintenance is completed.https://t.co/uXfLxKuauC
— Binance (@binance) May 28, 2024
Binance added that deposits and withdrawals for tokens on the Ethereum network will be reopened once the network is deemed to be stable. However, no further announcement may be made.
In light of this announcement, users should ensure that all deposits and withdrawals are completed before the maintenance begins to avoid any potential disruptions. Additionally, the exchange has reassured its users that the assets will remain secure throughout the process.
The timing of the wallet maintenance is significant amid a skyrocketing increase in the amount of ETH flowing to exchanges.
According to on-chain analytics firm IntoTheBlock, the amount of Ethereum flowing into exchanges has hit its highest point since January. With a net flow of 140,660 ETH on Saturday, Ethereum recorded its highest net deposits to exchanges in over four months.
In the past week, the SEC approved applications to list Ethereum ETFs in a historic milestone for the crypto industry.