Binance, a leading cryptocurrency exchange, has announced a temporary halt on deposits and withdrawals on the Ethereum network, scheduled for May 29th. The interruption, set to last for approximately two hours, is part of routine wallet maintenance undertaken by the exchange.

During the maintenance window, slated to commence at 7:00 a.m. (UTC), users will be unable to deposit or withdraw Ethereum and any ERC-20 tokens associated with the network. Notably, trading of these tokens will remain unaffected and continue as usual during the maintenance period.

In an official blog post, Binance outlined the details of the wallet maintenance for the Ethereum network, specifying that deposits and withdrawals will be suspended starting from 6:55 a.m. (UTC) on May 29th. The exchange reiterated that the Ethereum network will be under maintenance to support the wallet upgrades, with services set to resume once the maintenance is concluded.

Binance assured users that their assets will remain secure throughout the maintenance process, emphasizing the importance of completing all necessary deposits and withdrawals prior to the commencement of maintenance to avoid potential disruptions.

The timing of the wallet maintenance coincides with a notable increase in Ethereum flowing into exchanges, reaching its highest point since January according to on-chain analytics firm IntoTheBlock. With Ethereum witnessing a net flow of 140,660 ETH on Saturday, this surge in deposits underscores heightened market activity and underscores the significance of maintaining a stable network infrastructure.

Furthermore, the announcement comes amidst recent developments in the cryptocurrency industry, including the approval of Ethereum ETF applications by the SEC, marking a historic milestone for the market.

As Binance prepares to temporarily freeze Ethereum withdrawals for maintenance, users are advised to plan their transactions accordingly and stay informed of any updates from the exchange regarding the resumption of services.