Binance Announces Ethereum Wallet Maintenance for Upgrades

Binance, the leading cryptocurrency exchange globally, declared a temporary halt on deposits and withdrawals involving Ethereum and ERC20 tokens within the ETH network.

This pause is necessitated by the need for wallet maintenance on the Ethereum network, expected to span approximately two hours.

#Binance will perform wallet maintenance for the Ethereum network $ETH starting from March 6, 07:00am UTC.

The maintenance will take approximately 2 hours.

Deposits and withdrawals will reopen once maintenance is completed.https://t.co/by67qwpvy3

— Binance (@binance) March 1, 2024

Scheduled for March 6, 2024, at 7:00 a.m. (UTC), Binance will initiate wallet maintenance for the Ethereum network (ETH), prompting the suspension of deposits and withdrawals starting from March 6, 2024, at 6:55 a.m. (UTC).

During this wallet maintenance period, Binance assures users that trading activities involving digital assets and currencies on the Ethereum network (ETH) will remain unaffected.

While plans are underway to resume deposits and withdrawals post-maintenance, users may not receive additional notifications regarding the same.

Coinciding with Binance’s wallet maintenance for the Ethereum network is the impending Dencun mainnet upgrade, slated for March 13. This upgrade, following the Shapella upgrade of last year, introduces various changes, notably the implementation of ephemeral data blobs via EIP-4844, commonly referred to as “protodanksharding.”

This advancement aims to reduce L2 transaction fees, marking a significant milestone for the ETH network after two years since its inception at ETH Denver, and numerous testing phases.

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Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.