Cryptocurrency

Binance temporarily halts Ethereum (ETH) withdrawals, reasons explained in simple terms.

Ethereum Withdrawals Temporarily Suspended by Binance: Here’s What You Need to Know

Wallet Maintenance Announcement

The popular cryptocurrency exchange, Binance, has recently shared an important update that could impact Ethereum (ETH) deposits and withdrawals. They will be conducting routine wallet maintenance on a specific date, and it is crucial for network users to be aware of the upcoming changes.

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

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Suspension of Deposits and Withdrawals

Due to the wallet 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 24th. However, it is essential to note that the trading of digital assets and currencies on the Ethereum network (ERC20) will not be affected during this maintenance period.

It is important for users to plan accordingly and make any necessary adjustments to their trading strategies or activities that involve Ethereum withdrawals or deposits during this time.

Previous Wallet Maintenance

Earlier this month, Binance performed wallet maintenance on the Tron network. They reassured users not to panic if they noticed significant transactions from their TRX hot wallet as a result of this maintenance.

Ethereum Achieves New Milestone

Data from IntoTheBlock indicates a significant milestone for Ethereum in terms of crypto adoption. The number of Ethereum addresses with a balance has crossed 100 million, showcasing the growing popularity of the network.

In addition, Ethereum’s “billionaire” wallets, holding nearly a third of the supply, have reached their highest level in seven years. This increased accumulation by whale addresses with over one million ETH indicates a positive trend for Ethereum’s market.

In recent days, ETH transactions exceeding $1 million have also experienced a notable surge, contributing to the overall growth and success of Ethereum.

As of now, Ethereum is showing a 4.37% increase in the last 24 hours, with its price reaching $1,615.

This article provides you with essential information regarding the temporary suspension of Ethereum withdrawals on Binance. Stay informed and ensure you plan accordingly to minimize any inconvenience caused by this wallet maintenance.

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