Binance announced on December 9 at 10:55 PM that it will suspend deposits and withdrawals of Ethereum (ETH) and ERC-20 tokens. The exchange reported that the suspensions are related to Ethereum’s network upgrade and hard fork improvements. The official announcement made during the day includes the following details….
Binance will reactivate transactions after updates
According to the official statements, Binance will take the following additional steps to mitigate trading risks caused by price fluctuations and ensure the safety of user funds during the hard fork.
Withdrawals and deposits on the Ethereum network: Transactions will be suspended from 2021-12-09 19:55 (UTC). Consider this date for fully processing your ETH and other ERC-20 token transfers. The exchange will meet all technical requirements for users holding ETH and other ERC-20 tokens.
Spot trading: Spot trading of ETH and other ERC-20 tokens will not be affected. Be sure to take adequate risk precautions as price fluctuations are high during the hard fork.
Leveraged trades: ETH cross and isolated margin trading will not be affected. However, Binance will suspend ETH borrowing from 2021-12-08 08:00 (UTC) until approximately 2021-12-09 23:59 (UTC). Please note that liquidations are possible at extremely fluctuating prices.
Binance ETH/USDT Options (Application): ETH/USDT Options trading on Binance App will continue unaffected.
The Ethereum network upgrade and hard fork will occur at the Ethereum mainnet block height of 13,773,000. The estimated time for network and hard fork shutdown is for users’ reference only and may vary depending on block propagation times.