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Binance will halt deposits and withdrawals of $ETH during the Ethereum

26-Aug-2022 By: Ashish Sarswat
Binance will halt de

The next Ethereum Merge has already received support from the 

cryptocurrency exchange Binance. What users can anticipate from The ETH Merge has been updated by Binance in a recent highlight of events. This includes the halting of ERC-20 token deposits and withdrawals.

On September 6 and 15, Binance will suspend deposits and withdrawals.

Binance published a notice regarding the Ethereum Merge on Thursday. Binance basically stated that it would be taking action to reduce the hazards that the update would bring. The exchange outlined a sequence of steps it would take if and when The Merge took place.

In addition, the exchange stated that it would restart regular deposits and withdrawals following the Ethereum Merge if no new coins are created. Binance stated that it would use the "ETH" ticker for the PoS chain if separate chains were to arise. A 1:1 ratio of the forked cryptocurrency will also be credited to users' accounts by the exchange. The distribution will be decided by the snapshot collected prior to the Paris execution layer.

Will Binance back the PoW fork of Ethereum? (ETHPoW)

Binance continued by saying that spot trading for ETH and ERC-20 tokens will proceed as usual. Additionally, the exchange will stop borrowing on September 14 and 16 at midnight while margin trading continues (UTC). Additionally, Binance will keep up with ETH Futures Trading while making some adjustments to a few factors to reduce risk owing to excessive volatility.

The rest of the ETH services will operate as usual. However, Binance will stop allowing users to deposit and withdraw BETH and borrow ETH (staked ETH on Binance). Additionally, following the Merge, the Binance Pool will discontinue its ETH mining operation.

Remember that top ETH miner Chandler Guo mentioned that he would be forking the Ethereum chain once more? As a result, the ETHPoW chain would be created, continuing ETH mining after the Merge.

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