Binance has announced a temporary suspension of IOTA deposits and withdrawals on May 5, 2025, in support of the IOTA network upgrade and the scheduled hard fork on the same day, as part of a step aimed at ensuring a smooth update and providing a stable user experience.
According to the official statement, the suspension of deposits and withdrawals will begin at 6:00 AM UTC, one hour before the expected implementation of the update at 7:00 AM.
The trading of IOTA tokens on the platform will continue uninterrupted, with deposits and withdrawals to resume as soon as the new network stabilizes, without specifying an exact timeline or any further announcements.
In this context, Binance US, the American arm of the platform, announced parallel steps that include withdrawing current deposit addresses on May 2 at 11:00 PM Eastern Time, in preparation for the suspension of deposits and withdrawals for the IOTA network in conjunction with the upgrade.
These moves are in preparation for the 'IOTA Rebased' update, which is a fundamental shift in the network's architecture, transitioning it from the existing 'Stardust' system to a completely new network.
This network is set to be launched through a kickoff ceremony featuring 13 validators led by the IOTA Foundation, along with an initial group of 12 additional validators.
Other platforms such as 'Bitfinex' and 'Bithumb' have announced their official support for the upgrade, while users are advised to prepare for the possibility of a temporary suspension of deposits and withdrawals during the update period, although trading activities will continue normally.