Binance announced that it would carry out three-hour wallet maintenance for which deposits and withdrawals on the Ethereum Network [ERC20] would be temporarily paused at 6:25 a.m [UTC] on August 31st.
In the blog, the leading crypto exchange stated that the trading of tokens on the Ethereum Network will not be affected during the wallet maintenance. Binance assured to restore deposits and withdrawals after the maintenance is completed but won’t send out a separate notice to users for the same.
The crypto exchange has already backed the Ethereum Merge, slated to occur next month.
Last week, the trading platform sent out a statement suspending ETH and ERC-20 token deposits and withdrawals twice one for the Bellatrix upgrade, and the other for the Paris upgrade.
Both of these events are scheduled to happen at about 11 a.m. UTC on Sept. 6 and at 12 a.m. UTC on Sept. 15 respectively.
Binance had also earlier provided notice regarding the Merge. The exchange outlined a few steps it would undertake to mitigate any risks that the upgrade may bring. The firm listed a series of actions it would perform when the transition eventually occurs.
In the event of different chain formation, Binance revealed it would use the ”ETH” ticker for the PoS chain. On top of that, the exchange will credit users’ accounts with the forked token at a 1:1 ratio. The snapshot taken before the Paris execution layer will determine the distribution, it added.
Binance Signs MoU With South Korea Busan City
In a separate development, the world’s biggest crypto exchange revealed that it has signed a Memorandum of Understanding [MOU] with Busan Metropolitan City, located on the southeastern tip of the Korean peninsula, which is the second largest city in South Korea with a population of roughly 3.4 million.
Speaking on the deal, Binance CEO a.k.a Changpeng Zhao [CZ] said, “We are happy to be working with the city of Busan to bring tangible blockchain-related developments that benefit and support the city’s innovation efforts.” He also stated,
“Through our industry-leading position and technological expertise, combined with the city of Busan’s strong support for the blockchain industry, we hope to help grow crypto adoption within the city and beyond.”