Bitcoin Withdrawals to Be Temporarily Suspended on Binance on This Date

Binance will temporarily suspend Bitcoin deposits and withdrawals on Dec. 1, as it intends to carry out its usual wallet maintenance.

In a new tweet, crypto exchange Binance has notified its users of wallet maintenance for the Bitcoin network. According to the information published on its website, Binance will perform wallet maintenance for the Bitcoin Network (BTC) on Dec. 1, 2022, at 6:00 a.m. UTC, which will last for about an hour.

#Binance will perform wallet maintenance for #Bitcoin Network (BTC) on December 1, 2022 at 06:00am UTC.https://t.co/SufXyRtcXt

— Binance (@binance) November 30, 2022

While the trading of Bitcoin will not be affected during wallet maintenance, deposits and withdrawals on the Bitcoin Network (BTC) will be suspended starting at 5:55 a.m. UTC on Dec. 1.

The crypto exchange says it will reopen deposits and withdrawals after maintenance is complete and may not need to notify users in a further announcement.

Today, Binance announced its entry into Japanese markets by acquiring 100% ownership of Sakura Exchange BitCoin (SEBC), the Japanese-registered crypto exchange service provider.

In other news, the top crypto exchange announced it had completed the integration of USD Coin (USDC) on the Algorand network. This implies that deposits and withdrawals for USD Coin (USDC) are now open on the Algorand network.

Bitcoin taps $17,000

Despite ongoing investor anxiety over the FTX fallout, Bitcoin’s price continued its rise from Monday, reaching intraday highs of $17,077 by press time. The largest cryptocurrency by market capitalization was recently trading at $16,897, its highest level in roughly two weeks and up nearly 2.41% over the previous 24 hours.

Wednesday’s speech by U.S. Federal Reserve Chair Jerome Powell, who is slated to speak on Fiscal and Monetary Policy at the Hutchins Center, will be closely watched by the markets.