The industry’s biggest cryptocurrency exchange, Binance, has announced its plans to conduct maintenance on the Ethereum network. As an early precaution, the exchange said it may record a temporary outage, but it reassured its users that funds lodged with it are safe.
Binance to face outage
Per the general announcement, the scheduled maintenance will take place on Feb. 24 and will start at 6:00 a.m. UTC.
Notably, related maintenance activities are not uncommon, and Binance said the estimated downtime on this network is one hour. To further prepare its users, the exchange confirmed that it will pause deposits and withdrawals at least five minutes before the time.
Considering how volatile the market is and the negative commentary around Binance and its operations, the exchange had to be up front about its updates.
To further clarify, Binance said the trading of tokens on the Ethereum network will not be impacted. After maintenance is completed, the crypto exchange said it will reopen withdrawals when it deems the network is stable enough.
Binance plays a crucial role in the broader crypto industry, and it supports related upgrades and maintenance of the assets listed on its platform, as well as new protocol integrations.
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Good time for Ethereum upgrade?
As many analysts have pointed out, Binance is a favorite liquidity hub for investors. Its popularity has made it the biggest market for top assets like Bitcoin and Ethereum, covering both spot and derivatives markets.
The timing for the Ethereum maintenance has drawn concerns from the market amid sustained price crashes. At the time of writing, the Ethereum price is down by 2.72% in 24 hours to $65,828.
Ethereum joined the list of assets that led crypto fund outflows over the past week, as XRP and Solana maintained mild inflows. With the general sentiment currently bearish, Binance’s maintenance can be considered as preparation for a possible market rebound.