Binance Announces Temporary Suspension of Deposits and Withdrawals of ERC20 Tokens

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The Binance trading platform on its official resource warned holders of ERC20 tokens about planned maintenance work with Ethereum Network wallets

The world's largest crypto exchange announced that deposits and withdrawals of funds into the Ethereum Network (ERC20) on August 31 from 09:25 (Moscow time) will be suspended until 12:25 (Moscow time). 

After completion of maintenanceThe input and output of tokens will be resumed, the site team promises. The team will not provide additional information about the launch of Ethereum Network (ERC20) wallets. Representatives of the trading platform assured users that the maintenance of wallets will not affect token trading on the Ethereum Network. 

Preventative work is related to the Ethereum merger planned for September. 

Last week, Binance announced thatInput/output transactions for Ether and ERC-20 tokens will be unavailable from 14:30 UTC on September 6 to 3:00 UTC on September 15. Two Ethereum network upgrades are planned for these dates: Bellatrix and Paris. The exchange team asked users to ensure that all transfers of ETH and ERC-20 tokens are completed in advance. Since the Ethereum network may undergo a hard fork during a merger and create a new token, Binance has developed several possible follow-up scenarios, including creating a new ticker if an alternative blockchain emerges as a result of the fork. In addition, Binance warned that it reserves the full right to change the procedure in the event of a split in the Ethereum blockchain.