Binance Resumes ETH Withdrawals, Gives Important Update on ETH PoW

Following the completion of Ethereum’s Merge, Binance has resumed deposits and withdrawals for ETH and ERC-20 tokens on the Ethereum proof-of-stake (PoS) chain. Binance earlier suspended deposits and withdrawals ahead of the Ethereum Merge, which was completed when the Terminal Total Difficulty (TTD) of 58750000000000000000000 was achieved at the ETH mainnet block height of 15,537,393 on Sept. 15, 6:42:42 a.m. (UTC).

The Ethereum Merge was completed when the Terminal Total Difficulty (TTD) of 58750000000000000000000 today at 06:42:42 UTC.

Deposits and withdrawals for $ETH and ERC-20 tokens on the Ethereum Proof-of-Stake (PoS) chain are now open on #Binance. pic.twitter.com/y7Z2BoUuMM

— Binance (@binance) September 15, 2022

The top crypto exchange goes further to give updates on the potential ETH PoW chain. It says that if the potential Ethereum proof-of-work chain (ETHW) is successfully implemented, eligible users will be credited ETHW at a ratio of 1 ETH = 1 ETHW in their Spot wallets, based on their net ETH balances across eligible wallets at the snapshot time as of the time of Merge. While the process may take about two to five days, Binance says it will notify users in a separate announcement once the distribution is complete and when deposits and withdrawals for ETHW are enabled, or if the ETHW chain is unsuccessful.

As reported by U.Today, Binance temporarily suspended ETH and ERC-20 token deposits and withdrawals during the Bellatrix update on Sept. 6, while it said that it would temporarily suspend BETH deposits and withdrawals starting on Sept. 14, and ending at 12 noon UTC on Sept. 16.

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This might imply that BETH deposits and withdrawals remain suspended on the network until Sept. 16. It was also stated then that “ETH 2.0” staking on Binance would continue after the proof-of-stake transition. However, until Ethereum’s Shanghai upgrade in a few months, functionality for the withdrawal and redemption of the staked ETH will not be available.

ETH Merge launches

As reported by U.Today, the Ethereum Merge was completed. ETH creator Vitalik Buterin took to Twitter to celebrate the moment.

He wrote, “And we finalized! Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.”

Various congratulatory messages poured in from top personalities in the crypto space, including Yuga Labs, Ripple CEO Brad Garlinghouse and several others.