On the occasion of the next upgrade of the Ethereum (ETH) blockchain, Ethereum Istanbul, the main crypto exchange Binance announces to join and instructs its users on how to behave.
The Istanbul update of Ethereum, released two weeks ago, will begin when it reaches the block 9069000 that is estimated to happen this Saturday, December 7, and provides for the implementation of new EIP (Ethereum Improvement Proposal).
According to Binance, both ETH deposits and withdrawals will be suspended on the platform before the height of the 9069000 block, while ETH trading will not be affected during the update.
The exchange points out that the decision to stop deposits and withdrawals is basically given for a matter of timing dedicated to technical management on the platform for ETH holders in their Binance accounts.
Once the Ethereum network has completed the update, the crypto exchange will reactivate the ETH deposits and withdrawals section without alerting users with dedicated announcements.
Not only that, you can also monitor the network update in real time on Ethereum Chain State.
Ultimately, on the official announcement about the Ethereum Istanbul update in regards of the behavior to be held, users of Ethereum or ETH holders must not do anything unless their current crypto manager indicates otherwise.
The crypto manager means the use of exchange (like Binance), e-wallet (like MyCrypto), mobile wallet (like Coinbase Wallet) or hardware wallet (like Ledger).
The post also describes:
“Ethereum Improvement Proposals (EIPs) describe standards for the Ethereum platform, including core protocol specifications, client APIs, and contract standards. Please see the EIP which catalogs specific changes going into Istanbul at EIP-1679. “