Why Did Binance Temporarily Suspend Ethereum Withdrawals? – Coinpedia Fintech News
Binance, one of the top cryptocurrency exchanges, has informed Ethereum network users about an upcoming development that could affect their deposit and withdrawal activities. Binance is gearing up for a routine wallet maintenance operation with a focus on the Ethereum network (ERC20).
Ethereum (ETH) Withdrawals to Be Temporarily Suspended by Binance
On October 24th, at 7:00 a.m. Coordinated Universal Time (UTC), Binance is scheduled to initiate wallet maintenance specifically aimed at the Ethereum network (ERC20). This maintenance is expected to span roughly two hours, during which crucial work will be done to ensure the network’s integrity.
It will start at 6:55 a.m. (UTC) on the same day, and Ethereum deposits and withdrawals on Binance will be briefly put on hold. This temporary suspension means that you won’t have the ability to transfer your ETH in or out of the platform throughout this maintenance window.
Now, while deposits and withdrawals are on hold, here’s the good part: trading digital assets and currencies on the Ethereum network (ERC20) will go on without any interruptions. So, if you’re actively involved in trading or planning to do so, you can continue your transactions without any worries.
Tron Wallets in the Spotlight
Meanwhile, this announcement follows Binance’s recent wallet maintenance on the Tron network, which happened on October 18th. During that time, Binance assured its users not to be concerned if they saw significant transactions from its TRX hot wallet.
It’s crucial to note that this suspension is temporary, and Binance has reassured its users that they are actively addressing these concerns to resume Ethereum withdrawals as soon as possible.
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