HomeCryptocurrencyTemporary Suspension of Ethereum (ETH) Withdrawals on Binance Exchange—Here's the Reason

Temporary Suspension of Ethereum (ETH) Withdrawals on Binance Exchange—Here’s the Reason

Ethereum Withdrawals Temporarily Suspended by Binance: Here’s Why

Top crypto exchange brings to the attention of network users an important development that might impact deposits and withdrawals on a specific date: the crypto exchange will be performing its routine wallet maintenance.

Wallet Maintenance Announcement

Binance, one of the leading cryptocurrency exchanges, has announced that it will be conducting wallet maintenance for the Ethereum network (ERC20) on October 24 at 7:00 a.m. (UTC). The maintenance process is expected to take approximately two hours.

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Impact on Deposits and Withdrawals

As a result of this maintenance, Binance has stated that deposits and withdrawals on the Ethereum network (ERC20) will be temporarily suspended starting from 6:55 a.m. (UTC) on October 24. However, it’s important to note that the trading of digital assets and currencies on the Ethereum network (ERC20) will not be affected during this wallet maintenance period.

Previous Wallet Maintenance on Tron Network

Just recently, on October 18, Binance completed its wallet maintenance for the Tron network. In an announcement addressing this development, Binance assured users not to panic if they notice large transactions from its TRX hot wallet as a result of the maintenance process.

Ethereum Adoption Reaches New Milestone

Data from IntoTheBlock reveals a significant milestone in terms of Ethereum adoption. The number of Ethereum addresses with a balance has surpassed 100 million, indicating the growing popularity of this cryptocurrency.

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Rise of “Billionaire” Wallets

Ethereum’s “billionaire” wallets, holding nearly a third of the total supply, are gaining momentum. This marks the first time in seven years that these wallets possess such a significant portion of Ethereum’s supply. This increase in accumulation is a positive sign for Ethereum investors.

Increase in ETH Transactions

On October 16, ETH transactions exceeding $1 million reached their second-highest level in a month. This indicates a growing interest in Ethereum and its potential for high-value transactions.

At the time of writing, ETH was showing a 4.37% increase in the last 24 hours, reaching $1,615.

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