Cryptocurrency exchange Binance announced on Monday that it plans to stop all deposits and withdrawals of Ethereum (ETH) and Wrapped Ethereum (WETH) on select networks, effective September 6 at 2 a.m. (UTC). in anticipation of the Ethereum Merge event.
#Binance will suspend deposits and withdrawals for Ether $ETH and Wrapped Ether $WETH on the following networks starting from September 6, 2022 at 02:00am UTC.
ETH (Arbitrum)
ETH (OP)
WETH (RON)—Binance (@binance) September 5, 2022
In the ad, the company shared a list of tokens and networks that will be affected during the Merger – Namely ETH (Arbitrum), ETH (OP) and WETH (RON). The company stated that Ethereum (ETH) and Wrapped Ethereum (WETH) deposits made on these networks during the suspension will not be credited, and affected users will not be eligible to receive any “forked token credit in the event of a network split.” string.”
The suspension of transactions on the named networks is scheduled to last until the Merge is complete.. According to Binance, this is being done to “ensure forked token allocation in the event of a chain split.”
Binance said that this precautionary measure is only temporary, and deposits and withdrawals of Ether (ETH) and Wrapped Ether (WETH) on the impacted networks will resume once the networks are deemed stable after the Merger is complete. During the merger, ETH trading will not be affected by suspensions of the mentioned networks.
The long-awaited event is expected to reduce the power consumption of the Ethereum network by an anticipated 99.95%, making it more environmentally friendly.
More news from Binance:
Binance shared in another official statement on Monday that it plans to introduce a BUSD auto-convert feature on September 29 to help users convert their USDC, USDP, and TUSD balances into the BUSD stablecoin at a 1:1 ratio. According to the exchange, this is done “to improve liquidity and capital efficiency for users,” and will not affect users withdrawing their funds in USDC, USDP, and TUSD.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision..
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.