Cryptocurrencies

Ethereum (ETH) Withdrawals Temporarily Suspended by Binance: Here’s Why

Crypto exchange Binance has announced an important update regarding its wallet maintenance, which may affect deposits and withdrawals on a specific date. The exchange will be conducting routine maintenance for the Ethereum network (ERC20) on October 24 at 7:00 a.m. (UTC), with the process expected to last approximately two hours.

As a result, Binance will suspend deposits and withdrawals for the Ethereum network (ERC20) beginning at 6:55 a.m. (UTC) on October 24. However, trading of digital assets and currencies on the Ethereum network will not be affected during this maintenance period.

Recently, on October 18, Binance completed wallet maintenance on the Tron network and reassured users not to be alarmed by any significant transactions from its TRX hot wallet that might be observed.

### Ethereum Reaches New Adoption Milestone

In other news, data from IntoTheBlock reveals that Ethereum has achieved a significant milestone in crypto adoption, surpassing 100 million addresses with a balance. Additionally, the number of “billionaire” wallets holding a substantial amount of ETH has increased, collectively holding nearly a third of the total supply for the first time in seven years.

According to reports, whale addresses that possess over one million ETH now control 32.3% of the total supply, marking a notable increase in accumulation. On October 16, ETH transactions exceeding $1 million recorded their second highest daily total within a month.

At the time of this report, ETH had risen by 4.37% over the past 24 hours, trading at approximately $1,615.

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