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Binance Pauses Transactions for Network Upgrades
By: bitcoin ethereum news|2025/05/07 20:45:01
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On May 7, 2025, Binance is set to halt Ethereum and related altcoin deposits and withdrawals, marking a pivotal moment for its users. This strategic pause is in preparation for an important network update and hard fork scheduled at 13:05 local time. By temporarily suspending these operations, Binance aims to shield its users during this technical transition, ensuring a smoother upgrade process. Another key network upgrade is slated for May 9, targeting the Optimism (OP) and Metal DAO (MTL) networks. Why will Binance suspend deposits and withdrawals? Binance plans a temporary freeze on deposit and withdrawal activities across multiple networks, including Ethereum, to facilitate the upcoming hard fork. This decision impacts several altcoins and networks such as Arbitrum, Optimism, Polygon, and others. The suspension is designed to support not only the Ethereum network but also its associated side networks during the upgrade. It is paramount to note that the suspension affects only the fund transfer feature. Trading activities for Ethereum and the concerned altcoins will operate as usual without any disruption. Users will not have to wait for an additional announcement as the exchange will automatically reinstate deposit and withdrawal functionalities once the networks stabilize post-upgrade. Details on the resumption will be available on Binance’s system status screen. How will users be impacted? This scheduled suspension primarily affects users’ ability to transfer funds. Binance users should note that, although fund transfers are on hold, trading activities remain unaffected. The temporary pause aims to ensure that these technological improvements occur seamlessly, minimizing any potential user inconvenience. Further updates on May 9 cover the Optimism and Metal DAO networks, with temporary closures for deposits and withdrawals starting at 18:00 local time. Binance will resume these activities automatically after completing the update, once again, without any further need for announcements. The Binance team takes full responsibility for managing the technical requirements involved in these planned updates. They are diligently preparing to handle all potential challenges that may arise, ensuring a consistent and reliable service throughout the process. – **Scope of Affected Networks:** Includes Ethereum, Arbitrum, Polygon, and other notable networks. – **Phased Updates:** Initial phase starts May 7, followed by another key upgrade on May 9. – **User Impact:** Only deposit and withdrawal services are paused; trading remains functional. By managing these crucial updates internally, Binance ensures users do not need to undertake any additional actions during these changes. The exchange aims for a seamless process, reflecting its commitment to reliability and service excellence. Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research. Source: https://en.bitcoinhaber.net/binance-pauses-transactions-for-network-upgrades
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