Binance Freezes Ethereum & Altcoin Transfers for Major Network Overhaul
Binance hits pause on ETH and altcoin withdrawals as it scrambles to implement a critical protocol upgrade—because nothing says ’decentralization’ like a centralized exchange dictating when you can move your funds.
The temporary blackout affects multiple chains, leaving traders twiddling their thumbs while the platform plays catch-up with the latest network patches. No word yet on whether this’ll trigger another ’unplanned maintenance’ meme storm.
Funny how these ’scheduled’ updates always seem to coincide with peak trading volatility. Just don’t check the CEX’s outage history against Bitcoin’s price action—it’s a completely unrelated pattern, we swear.
$1,828 and its associated side networks. This suspension is intended to support a critical network update and hard fork scheduled to begin around 13:05 local time. Binance aims to protect its users with this pause in operations. A subsequent announcement confirmed updates and hard forks for the Optimism (OP) and Metal DAO (MTL) networks on May 9.
ContentsSuspension of Deposits and WithdrawalsBinance Handles All Technical Requirements
Suspension of Deposits and Withdrawals
On May 7, Binance will temporarily halt deposit and withdrawal operations for networks including Ethereum, Arbitrum (ARB), Optimism (OP), zkSync Era (ZKSYNC), Base (BASE), Manta Network (MANTA), Starknet (STRK), Polygon (POL), Metis (METIS), Scroll (SCR), Cyber (CYBER), Metal DAO, Celo (CELO), and Worldcoin (WLD). Users will not be able to conduct deposit or withdrawal transactions on these networks during this period. This measure is scheduled to ensure the smooth progression of the planned hard fork.
The suspension affects only fund transfers. Trading activities for ETH and other relevant altcoins will not experience any interruptions. Once the networks stabilize post-update, Binance will automatically reinstate deposit and withdrawal functionalities without further announcements. Users can monitor the resumption through Binance’s system status screen.
On May 9, a second update is planned for the Optimism and Metal DAO networks. The update for OP and MTL is expected to commence at 19:00 local time. Prior to this, deposits and withdrawals for these two networks will be temporarily paused starting from 18:00 on the same day. Following the update completion, deposit and withdrawal functionalities will resume automatically without additional announcements.
Binance Handles All Technical Requirements
The Binance team has committed to managing all technical aspects of the scheduled updates for Ethereum and other networks. Extensive preparations have been made to minimize potential disruptions due to network updates.
Users do not need to perform any extra actions as Binance will conduct the process ready for all scenarios. The cryptocurrency exchange is managing the process comprehensively.
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