Binance Halts Some Token Transfers Ahead of Ethereum Upgrade

Key Notes Binance plans on temporarily suspending deposits and withdrawals on some networks. Users will not be able to deposit and withdraw tokens based on Ethereum networks during this period. Trading is not affected by the suspension. Cryptocurrency exchange Binance intends to briefly halt deposits and withdrawals for select tokens on May 7, 2025, starting around 09:45 (UTC), in order to accommodate the Ethereum network upgrade and hard fork, aiming to maintain optimal user experience Binance disclosed that it plans on temporarily suspending the deposits and withdrawals of tokens based on the following networks “Ethereum (ETH), Arbitrum (ARB), Optimism (OP), zkSync Era (ZKSYNC), Base (BASE), Manta Network (MANTA), Starknet (STRK), Polygon (POL), Metis (METIS), Scroll (SCR), Cyber (CYBER), Metal DAO (MTL), Celo (CELO) and Worldcoin (WLD)”. This temporary suspension is intended to support the smooth execution of the Ethereum network upgrade and hard fork. According to the announcement, only deposits and withdrawals will be impacted, while trading on the affected networks will remain operational. Binance also stated that it will manage all technical aspects on behalf of its users. The crypto exchange added that once everything is “deemed to be stable”, the deposits and withdrawals for the select tokens will begin. Hard forks typically result in the creation of a separate blockchain that runs alongside the original one. All current nodes and miners must transition to the new chain. Hard forks are used to improve the functionality of the network, such as fixing security vulnerabilities, introducing new functionalities, upgrading the cryptocurrency’s core system, or undoing previous transactions. Past and Future Network Upgrades The crypto exchange will also suspend the withdrawals and deposits for the Optimism and Metal DAO networks on May 9. Once the update is completed, withdrawals and deposits will begin automatically without additional announcements. Previously, the crypto exchange has temporarily disabled deposit and withdrawal functions across various networks to facilitate upgrades and hard forks. For instance, transactions involving tokens on the THORChain (RUNE) network were paused on May 1 at 14:00 (UTC) to support a scheduled upgrade. Similarly, on May 5, at around 06:00 (UTC), Binance suspended deposits and withdrawals for tokens on the IPTA network to accommodate its network enhancement and hard fork. next Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content. Bitcoin News, Cryptocurrency News, News Rose is a crypto content writer with a strong background in finance and tech. She simplifies complex blockchain and cryptocurrency topics, offering insightful articles and market analysis to help readers navigate the evolving crypto landscape. Rose Nnamdi on LinkedIn Source: https://www.coinspeaker.com/binance-to-suspend-deposits-and-withdrawals-for-certain-tokens-ahead-of-ethereum-upgrade/