Ethereum (ETH) Withdrawals to Be Temporarily Suspended by Binance, Here’s Why

Top crypto exchange Binance brings to the attention of Ethereum 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.

In an official announcement, Binance says it will perform wallet maintenance for the Ethereum network (ERC20) on Oct. 24 at 7:00 a.m. (UTC). The maintenance will take about two hours.

#Binance will perform wallet maintenance for the Ethereum network (ERC20) on 24 October 2023, at 07:00am UTC.https://t.co/Y3dbHjziIO

— Binance (@binance) October 20, 2023

In light of this, Binance says deposits and withdrawals on the Ethereum network (ERC20) will be suspended on Oct. 24 starting at 6:55 a.m. (UTC). Meanwhile, the trading of digital assets and currencies on the Ethereum network (ERC20) will not be impacted during wallet maintenance.

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Earlier in the week, on Oct. 18, Binance performed its wallet maintenance on the Tron network. In an announcement about the development, Binance urged users not to panic as they might notice large transactions from its TRX hot wallet as a result.

Ethereum hits new milestone as accumulation jumps

Data from IntoTheBlock indicates that a new milestone has been reached for

For the first time since July 16, whale addresses with over one million ETH possess 32.3% of the supply, according to Santiment, indicating increased accumulation.

On Oct. 16, ETH transactions that exceeded $1 million had their second highest day in a month.

At the time of writing, ETH was up 4.37% in the last 24 hours to $1,615.

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