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

Tue 24 Oct 2023 ▪ 3 min read ▪ by Luc Jose A.
Getting informed ▪ Event

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.

Une pièce d'ether, la crypto native de la blockchain Ethereum et le logo de Binance

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.

Temporary suspension of ether (ETH) withdrawals on the Binance exchange

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.

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Luc Jose A. avatar
Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.