Binance Halts Deposits and Withdrawals on Key Ethereum Networks Ahead of Upgrade
Binance hits pause on select ERC-20 transactions—because nothing says ’decentralization’ like a centralized exchange dictating network readiness.
The temporary freeze affects high-traffic tokens during Ethereum’s latest upgrade, leaving traders scrambling. Pro tip: Your ’self-custody’ evangelist friends saw this coming.
Timing? Predictably inconvenient. Impact? Standard ’proceed with caution’ crypto theater. Just another day in Web3’s carefully choreographed chaos.
Binance suspends deposits and withdrawals for Ethereum upgrade
Binance Will Support the Ethereum (ETH) Network Upgrade & Hard Fork – 2025-05-07 pic.twitter.com/Ge0ajMEyqV
— Binance Announcement (@BinanceAnnounc) May 7, 2025
According to the official announcement, Binance revealed that it will support the Ethereum (ETH) network upgrade and hard fork at 10:05 (UTC) on May 7th, 2025.
To ensure continued good user experience, the platform will suspend the token deposit and withdrawal services on the Ethereum (ETH), Arbitrum (ARB), Optimism (OP), zkSync Era (ZKSYNC), Base (BASE), Manta (MANTA), Starknet (STRK), Polygon (POL), Metis (METIS), Scroll (SCR), Cyber (CYBER), Metal DAO (MTL), Celo (CELO), and Worldcoin (WLD) network 15 minutes before the upgrade at 09:45 (UTC).
Binance also disclosed that the trading functions of token(s) on the aforementioned networks would not be impacted, and it would handle all technical requirements for users.
“Deposits and withdrawals for token(s) on the aforementioned networks will be reopened once they are deemed to be stable. No further announcement will be posted.”
–Binance team
Binance previously suspended the deposits and withdrawals of token(s) on the IOTA (IOTA) network on May 5th at approximately 06:00 (UTC) to support its network upgrade and hard fork and also suspended the deposits and withdrawals of token(s) on the THORChain (RUNE) network on May 1st at 14:00 (UTC) to support its network upgrade and hard fork.
Ethereum schedules Prague fork containing several EIPs
Ethereum previously announced that the Prague fork was also scheduled to occur on the mainnet at block timestamp ‘Wed May 07 10:05:11 2025 UTC’. The fork will contain several EIPs, including EIP-2537, which will add operation on the BLS12-381 curve as a precompile in a set necessary to efficiently perform operations such as BLS signature verification.
EIP-2935 will store and serve the last 8191 block hashes as storage slots of a system contract to allow for stateless execution. At the same time, EIP-6110 will provide validator deposits as a list of deposit operations added to the Execution Layer block, and EIP-7002 will allow validators to trigger exits and partial withdrawals via their execution layer (0x01) withdrawal credentials.
EIP-7251 will also increase the MAX_EFFECTIVE_BALANCE, allowing validators to have larger effective balances while maintaining the 32 ETH lower bound. EIP-7549 will move the committee index outside the ‘signed attestation message,’ and EIP-7623 will increase call data cost to reduce maximum block size.
EIP-7685 will include a general-purpose bus for sharing execution layer (EL) triggered requests with the consensus layer (CL), and EIP-7691 will increase the number of blobs to reach a new target and max of 6 and 9 blobs per block, respectively. Also, EIP-7702 will add a new tx type to permanently set the code for an EOA, while EIP-7840 will include per-fork blob parameters in client configuration files.
Notably, transaction-sending RPCs will now add txs to the ‘locals’ tracker only when they have any chance of inclusion, which will be a bit of a revert from the behavior added in ‘Multicapacitor v1.15.4’–where APIs such as ‘eth_sendRawTransaction’ would always return a txhash, even if the transaction was not includable on-chain.
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