Binance Exchange Halts Cryptocurrency Transactions on Ethereum Network

The largest crypto exchange Binance has announced its readiness for the planned Ethereum network upgrade, which will take place on May 7.

In order to ensure a stable integration, the platform will temporarily limit Ether transactions: from 06:00 UTC on May 7, deposits and withdrawals on the ETH blockchain will be suspended. However, trading in ETH and related assets will remain available to users for the duration of the maintenance. The Binance team emphasized that all necessary measures will be taken to minimize inconvenience.

“We are taking full responsibility for the technical aspects of the update so that users do not encounter any disruptions,” the exchange representatives said.

In addition to Ethereum, the exchange warned of planned work with other networks. On May 8, from 07:00 UTC, deposits and withdrawals on the Arbitrum, Optimism, and Polygon blockchains will be temporarily suspended. These actions are related to regular infrastructure maintenance aimed at increasing the reliability of services.

We previously reported that Binance introduced stricter rules for users in South Africa as of April 30.