Binance Will Temporarily Suspend ETH and Related Layer 2 Token Transfers to Support the Upcoming Pectra Upgrade

Binance will be temporarily suspending Ethereum and related Layer 2 token transfers on May 7 to support Ethereum's upcoming Pectra Upgrade, the exchange announced.

The suspension will begin at 09:45 UTC, about 20 minutes before the upgrade time of 10:05 UTC. Trading of all unaffected tokens will continue as usual throughout this window, and no user action is required.

The pause will affect deposits and withdrawals of tokens on Ethereum and popular Layer 2 networks. These tokens include Arbitrum, Optimism, zkSync Era, Base, Manta, Starknet, Polygon, Metis, Scroll, and Celo, among others. This is a routine safety measure to ensure that users' funds are not at risk during changes to the network infrastructure.

Binance will handle all technical requirements associated with the upgrade and will reopen withdrawals and deposits once the networks are stable. No additional announcement will be made as and when the services resume.

The Pectra Upgrade is one of Ethereum's most anticipated updates since the Merge. It combines changes from both the Prague and Electra development tracks to improve usability, scalability, and Layer 2 efficiency.

Among the major changes are cheaper Layer 2 transactions, increased validator caps, smarter wallet interactions, and improvements to developer tooling.

The Ethereum Pectra Upgrade brings lower L2 fees, smart wallets, and a lot to the network. Ahead of the update, Ethereum's price resilience is near $1,800 and has created speculation about a bullish breakout following the upgrade. Analysts suggest that if the Pectra hype delivers, ETH could retest $2,000 levels.