The well-known cryptocurrency exchange Binance has revealed that there will soon be a brief stop to withdrawals and deposits on the Ethereum network. On May 29, this outage is planned to occur as the exchange performs regular wallet maintenance.
The maintenance window is scheduled to start on May 29 at 7:00 a.m. (UTC) and run for around two hours. Users won’t be able to deposit or withdraw Ethereum or any other network-associated ERC-20 tokens during this time. It is significant to note that during maintenance, trade of these tokens will not be impacted and will carry on as usual.
https://x.com/binance/status/1795432346121806004
According to a formal blog post, on May 29 at 7:00 a.m. (UTC), Binance will carry out wallet maintenance for the Ethereum network (ETH). On the specified day, beginning at 6:55 a.m. (UTC), deposits and withdrawals on the Ethereum network (ETH) will be paused to facilitate wallet maintenance. Once the maintenance is finished, transactions will resume.
Binance further stated that when the Ethereum network is judged stable, token deposits and withdrawals will be allowed again. But no further announcements are allowed.
Users should make sure that all deposits and withdrawals are finished before the maintenance starts in light of this notification to prevent any possible interruptions. Additionally, the exchange has informed its consumers that the assets would stay secure during the procedure.
Given the explosive rise of ETH coming to exchanges, the timing of the wallet maintenance is crucial.
IntoTheBlock, an on-chain analytics company, reports that the quantity of Ethereum entering exchanges has increased to its highest level since January. On Saturday, Ethereum saw the largest net deposits to exchanges in more than four months, totaling 140,660 ETH.
The SEC authorised applications to launch Ethereum ETFs last week, marking a significant development for the cryptocurrency market.
