- Pectra upgrade prompts Binance to pause ETH, L2 transfers.
- Trading activities remain unaffected on Binance.
- Exchange transactions resume post-upgrade confirmation.
This event highlights Binance’s proactive measures in ensuring network upgrades proceed seamlessly without disrupting trading activities, maintaining user trust and platform reliability.
The world’s leading crypto exchange, Binance, suspended deposits and withdrawals for Ethereum and 13 Layer 2 networks. Scheduled during the Pectra upgrade, the suspension aims to facilitate a smooth transition. Trading remains active despite the halt.
Key stakeholders, including the Ethereum Development Community, are involved, although no public statements from the Ethereum Foundation were made. Binance aims to ensure user experience during the network’s protocol update.
Affected Layer 2 tokens such as Arbitrum, Optimism, and others experienced reduced inflows and outflows. This action ensures network security and stability throughout Ethereum’s implementation of the Pectra upgrade:
“Binance will suspend the deposits and withdrawals of token(s) on the Ethereum (ETH), Arbitrum (ARB), Optimism (OP), zkSync Era (ZKSYNC), Base (BASE), Manta Network (MANTA), Starknet (STRK), Polygon (POL), Metis (METIS), Scroll (SCR), Cyber (CYBER), Metal DAO (MTL), Celo (CELO) and Worldcoin (WLD) networks starting May 7th at approximately 09:45 (UTC) to support the Ethereum network upgrade and hard fork to ensure the best user experience.” – Binance Announcement
The suspension aligns with historical practices seen during previous Ethereum upgrades. Binance anticipates no long-term disruptions as services and transactions are expected to resume seamlessly.
Potential outcomes from this routine measure may include a brief increase in on-chain transaction backlogs. Historical events indicate temporary liquidity freezes and quick stabilization post-upgrades, facilitating exchange functionality resumption.
