HomeCryptocurrencyTemporary suspension of Ethereum withdrawals on Binance due to reasons explained by...

Temporary suspension of Ethereum withdrawals on Binance due to reasons explained by U.Today.

Ethereum Withdrawals Temporarily Suspended by Binance: Here’s Why

Binance, one of the top cryptocurrency exchanges, has announced important news that might impact deposits and withdrawals for Ethereum (ETH) users. The exchange will be conducting routine wallet maintenance, which will temporarily suspend certain transactions.

Wallet Maintenance for Ethereum Network (ERC20)

Binance has officially stated that wallet maintenance for the Ethereum network (ERC20) will take place on October 24th at 7:00 a.m. UTC. The maintenance process is expected to last approximately two hours.

- Advertisement -

Impact on Deposits and Withdrawals

During the wallet maintenance period, starting at 6:55 a.m. UTC on October 24th, deposits and withdrawals on the Ethereum network (ERC20) will be temporarily suspended. However, it is important to note that the trading of digital assets and currencies on the Ethereum network (ERC20) will not be affected during this wallet maintenance.

In a similar incident on October 18th, Binance performed wallet maintenance on the Tron network. Users were advised not to panic if they noticed large transactions from the TRX hot wallet as a result of this maintenance process.

Ethereum Achieves New Milestone in Crypto Adoption

Data from IntoTheBlock has revealed a significant milestone in terms of Ethereum’s crypto adoption. The number of Ethereum addresses with a balance has crossed the 100 million mark.

- Advertisement -

Furthermore, Ethereum’s “billionaire” wallets, which hold a significant portion of the supply, have seen a surge in activity. For the first time in seven years, these wallets now hold nearly a third of the total supply.

Whale addresses, which possess over one million ETH, currently account for 32.3% of the total supply. This suggests a notable increase in accumulation, as indicated by recent data.

Additionally, Ethereum experienced its second-highest day in a month for transactions exceeding $1 million on October 16th.

As of the time of writing, Ethereum is trading at $1,615 USD, reflecting a 4.37% increase in the last 24 hours.

This article was originally published on U.Today

Must Read