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Binance, the world's largest cryptocurrency exchange, has announced that it will temporarily suspend deposits and withdrawals of Ethereum and ERC20 tokens on the ETH network.

The reason for this suspension is to perform wallet maintenance for the Ethereum network, which is expected to last for about two hours.

Binance will perform wallet maintenance for the Ethereum network (ETH) on March 6, 2024, at 7:00 a.m. (UTC). In this light, deposits and withdrawals on the Ethereum network (ETH) will be suspended starting on March 6, 2024, at 6:55 a.m. (UTC).

The exchange stated that the trading of digital assets and currencies on the Ethereum network (ETH) will not be impacted during wallet maintenance.

Binance says it will reopen deposits and withdrawals after the maintenance is complete but may not notify users in a further announcement.

ETH network Dencun upgrade approaches

Binance's wallet maintenance for the Ethereum network comes a week ahead of the much-anticipated Dencun mainnet upgrade scheduled for March 13.

The Dencun network update has been successfully activated across all testnets. It is currently ready for deployment on the Ethereum mainnet and will go live on the network at epoch 269568, which occurs on March 13, 2024, at 1:55 p.m. UTC.

The upgrade, which follows last year's Shapella upgrade, features several changes, the most notable of which is the implementation of ephemeral data blobs with EIP-4844, better known as "protodanksharding," which will help cut L2 transaction fees.

This marks a historic moment for the ETH network as proto-danksharding will finally go live on the mainnet after two years since its ETH Denver inception, dozens of testing calls and devnets.

At the time of writing, ETH was down 1.7% in the last 24 hours to $3,413. Ethereum has risen 16% over the last seven days, mirroring Bitcoin’s  21% growth over the same period.