Binance Temporarily Halts Deposits for Ethereum Upgrade

In preparation for a scheduled Ethereum network upgrade on May 7, 2025, Binance has announced a suspension of deposits and withdrawals across multiple networks to maintain user asset safety.

Binance’s decision reflects industry-standard practices seen in past Ethereum upgrades, ensuring asset security during expected network changes.

The suspension affects Ethereum, Arbitrum, Optimism, zkSync Era, Base, and other networks. Binance emphasizes this is a preventative measure to secure user funds amid network adjustments.

The immediate pause affects nearly all deposit and withdrawal actions, preserving liquidity positions on Binance. The exchange reassures users that trading activities, including spot trade, continue uninterrupted.

Financial implications may include short-term inactivity in on-chain deposits and withdrawals, driven by expected temporary reductions in exchange flows, affecting tokens on suspended networks.

Potential outcomes include increased post-upgrade blockchain activity, with enhanced developer interventions anticipated for network stabilization batch processing, as seen in previous Ethereum updates.

“Binance will support the Ethereum network upgrade and suspend deposit and withdrawal services for individual networks … May 7, 2025, at 17:45 [Beijing time] … The deposit and withdrawal services will be reopened after the network stabilizes, without further announcements at that time.” – Binance Official Announcement

For more insights into industry practices during such upgrades, various influencers have cited the suspension as best practices for safeguarding user assets.

Historically, while deposits and withdrawals are paused, spot trading typically remains unaffected, ensuring market continuity.