- Binance to carry out wallet maintenance on Wednesday, August 31.
- The scheduled maintenance will last for three hours, starting at 06:30 a.m. UTC.
- The trading of tokens on the Ethereum Network (ERC20) will not be affected during the wallet maintenance.
Binance, the largest cryptocurrency exchange platform, recently announced on its Twitter handle that it will carry out scheduled wallet maintenance on Wednesday, August 31. The maintenance will take approximately three hours to complete, starting at 6:30 a.m. UTC.
#Binance will be performing wallet maintenance for $ETH network (ERC20) starting from August 31, 2022 at 06:30am UTC.
The maintenance will take approximately 3-hours and we will notify all users once withdrawals on the #Ethereum network reopen.https://t.co/3EWaeCsZTK
— Binance (@binance) August 29, 2022
The move is said to be necessary for the preparation of Ethereum’s shift to proof of stake (PoS) from proof of work (PoW). The maintenance will reduce trading risks and keep the funds secure. As per the available information, deposits and withdrawals on Binance will resume post-maintenance.
In an earlier statement, Binance announced that Ethereum (ETH) and Ethereum Request for Comments 20 (ERC-20) token deposits and withdrawals on Binance will be halted twice over the next few weeks. The Bellatrix upgrade is scheduled for September 6, starting at 12:00 a.m. UTC, and the Paris upgrade is scheduled for September 15.
Additionally, Binance said that it will temporarily suspend Beacon ETH (BETH) deposits and withdrawals starting on September 14 from 12:00 p.m. until September 16, 2022, 12:00 p.m. UTC. Binance stated that bets will resume after the proof of stake transition, “ETH 2.0”.
However, the withdrawal and redemption features of staking ETH will not be available until “the Merge” upgrades in a few months.
Recently Binance halted trading of Terra Classic (LUNC) on August 26 from 21:00 UTC. All its validators needed to upgrade before the network reaches the block height of 9,109,990 on August 26.
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