cryptocurrency

Binance to stop ETH withdrawals and deposits during consolidation

  • Withdrawals and deposits of ERC-20 tokens will be suspended during the merger.
  • Binance clarified that it will not affect the spot trading of ETH and ERC-20.

Binance, a prominent cryptocurrency exchange, has announced its support for the upcoming Ethereum Merge merger. Binance, in a recent spotlight on events, briefed consumers on what they can expect from ETH Merge. Withdrawals and deposits of ERC-20 tokens will be suspended during the merger.

Binance He issued a warning about Ethereum Merge in a post on Thursday. Basically, Binance said it will do everything in its power to reduce the blow from the changes that the update will make. When the merger finally takes place, the exchange has detailed a number of actions it will take.

Mitigating the impact of extreme volatility

Binance announced that it will discontinue ETH and all ERC-20 Token deposits and withdrawals. This will happen twice: first while upgrading the Bellatrix consensus layer and again with upgrading the Paris implementation layer. The first update is expected to launch at 11 AM (UTC) on September 6, and the second upgrade will launch at 12 AM on September 15.

If no new tokens are generated during the Ethereum merger, the exchange said it will continue with regular deposits and withdrawals after the merger. Binance said that the ETH strip will be used for the PoS chain if there is a separate chain. Furthermore, the forked token will be added to the user accounts of the exchange in a 1:1 ratio. The distribution will be based on the last snapshot obtained before the Paris implementation layer.

Binance also clarified that it will not affect the spot trading of ETH and ERC-20. Also, the exchange will suspend borrowing on September 14 and 16 at midnight (UTC), while margin trading will continue as normal. In addition, ETH futures trading will continue, despite some adjustments made by Binance to mitigate the effects of extreme volatility.

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