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Binance to Temporarily Halt Ethereum Deposits and Withdrawals

Binance – the world’s largest cryptocurrency exchange – will perform maintenance on its Ethereum wallet in about five days.

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Users will be unable to use their self-hosted wallets to interact with their Binance accounts during that time.

  • According to a company announcement on Wednesday, the maintenance will take place on June 27th at 06:00 UTC for approximately 2 hours.
  • The exchange will temporarily disable Ethereum network deposits and withdrawals at  beginning, five minutes before this maintenance starts.
  • That includes not only the Ether cryptocurrency but any tokens that circulate on the Ethereum network. For instance, USDT and USDC ERC-20 tokens will face restrictions. They are two high-volume stablecoins that are popular on exchanges.
  • However, variants of such wrapped tokens on other chains (ex. wETH) will still be fully functional.
  • Binance was forced to disable Bitcoin withdrawals earlier this month due to a so-called “stuck on-chain transaction.” The issue was fixed within a few hours.
  • The timing was worrying, however, given that other platforms were announcing indefinite withdrawal suspensions at the time. Celsius and Babel Finance are yet to resume withdrawals from their platforms due to liquidity issues.
  • Binance faced a more prolonged Dogecoin wallet issue in November caused by a faulty upgrade issue. This prevented users from withdrawing their Dogecoin for about a month, drawing the ire of even Elon Musk.

We will reopen deposits and withdrawals after the maintenance is complete,” stated Binance. “There will be no further announcement.”

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