“Binance’s temporary suspension of Ethereum withdrawals sheds light on the growing concerns surrounding the network’s congestion and skyrocketing gas fees, prompting a necessary reassessment of its scalability and long-term sustainability.”
Binance, one of the leading cryptocurrency exchanges, has announced a wallet maintenance operation that will impact Ethereum network users. The maintenance, focused on the Ethereum network (ERC20), is scheduled to take place on October 24th at 7:00 a.m. UTC.
During this maintenance period, which is expected to last approximately two hours, Ethereum deposits and withdrawals on Binance will be temporarily suspended. This means that users will not be able to transfer their ETH in or out of the platform during this time.
However, trading digital assets and currencies on the Ethereum network (ERC20) will not be affected. So, if you are actively involved in trading or planning to do so, you can continue your transactions without any interruptions.
It’s worth noting that this wallet maintenance follows Binance’s recent maintenance on the Tron network, which took place on October 18th. During that time, Binance assured its users not to be concerned if they saw significant transactions from its TRX hot wallet.
Binance has reassured its users that the Ethereum withdrawal suspension is temporary, and they are actively working to address the concerns and resume normal operations as soon as possible.