Binance planning temporary shut down of Ethereum wallet

The world’s largest cryptocurrency exchange Binance has announced the temporary shut down of its operations with its Ethereum wallet, revealing in a blog post that they have planned maintenance scheduled for the 27th June. 

The blog post from Binance outlined that maintenance will go ahead on the Ethereum network, with an approximate scheduled time of two hours.

“#Binance will perform wallet maintenance for the @ethereum network (ERC20) on June 27, 06:00 UTC. Deposits and withdrawals will be temporarily suspended and will reopen once the maintenance is complete.”

The platform noted that ​​ while deposits and withdrawals of all ERC-20 tokens will be suspended, the trading of tokens on Ethereum Network will not be affected during the wallet maintenance.

As the crypto markets continue to struggle, exchanges such as Binance are careful to share any updates that may spook investors, particularly when a number of crypto exchanges recently announced the suspension of withdrawals. 

Last week crypto trading platform Hoo.com announced via Twitter, that it would be halting withdrawals, with the intention of restarting transactions within 72 hours so it could "process a large number of users'. Similarly, Babel Finance suspended withdrawals last week, noting in the announcement that they were “facing unusual liquidity pressures”. 

While Binance has been clear to underline that the temporary shut down is for maintenance purposes, crypto investors have been facing pressure and uncertainty amid a wider crypto selloff, resulting in a cautious approach by exchanges to any maintenance, planned or otherwise.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.