Binance: Announces Suspension of Ethereum (ETH) Withdrawals for Maintenance

Binance regularly carries out operational maintenance work on the cryptos available on its crypto exchange platform. The most recent such activity to date concerned the Tron crypto, carried out last Wednesday, October 18.

Binance to suspend ETH withdrawals and deposits for 2 hours of maintenance

Binance, one of the largest crypto exchange platforms on the market, recently made an important announcement concerning ETH holders. The company has scheduled wallet maintenance for ERC20 tokens on the Ethereum network.

This is a routine activity, scheduled to take place on Tuesday, October 24 at 7 a.m. Coordinated Universal Time (UTC). According to Binance, the maintenance operation in question is expected to last around two hours.

To facilitate execution, Binance will suspend deposits and withdrawals involving Ethereum network assets (ERC20) during this time. This suspension will take effect from 6:55 UTC and will not affect the exchange of digital assets and currencies on the aforementioned network.

Overall, Binance notes, this maintenance activity will ultimately contribute to a more robust and secure trading environment. This, in line with the company’s commitment to ensuring the stability and security of the cryptos it manages.

Ethereum (ETH) Withdrawals to Be Temporarily Suspended by Binance, Here's Why https://t.co/XkwPmKfOKM pic.twitter.com/R8mc3kSehQ

— Charles A. Dyer (@charlesadyer) October 21, 2023

What’s in it for ETH’s market performance?

It’s unclear whether this operational update from Binance will have an impact on the dynamics of ETH, which are currently quite positive. According to some sources, the asset has recently passed an important milestone in terms of adoption.

For example, the number of Ethereum wallets holding a balance has passed the symbolic 100 million mark. A milestone that testifies to the growing interest and use of the network.

The trend is also upward for Ethereum wallets operated by whales. Those holding more than one million ETH now represent around 32.3% of the total supply. This indicates an upward trend in the accumulation of this crypto.

Ethereum’s native crypto now appears to be in better shape than it was just a few days ago. One ETH is currently worth around $1,680. The asset’s valuation having risen by 2.82% in 24 hours for a weekly increase of 6.48%! The market’s second-largest crypto appears to be consolidating its place in the crypto industry. Just like bitcoin (BTC), which has resolutely broken the $30,000 barrier.