Exchange News- Withdrawals and deposits of ERC-20 tokens will be halted during the merge.
- Binance clarified it would not be impacting spot trading for ETH and ERC-20 tokens.
Binance, a prominent cryptocurrency exchange, has publicly declared its support for the upcoming Ethereum Merge. Binance, in a recent highlight of events, has updated its consumers on what they may anticipate from the ETH Merge. Withdrawals and deposits of ERC-20 tokens will be halted during the merge.
Binance issued a warning about Ethereum Merge in a post on Thursday. Essentially, Binance said it would do everything it could to lessen the blow from the changes the update will make. When The Merge finally takes place, the exchange detailed a number of measures it would take.
Dampening the Effect of Extreme Volatility
Binance announced that it will be stopping ETH and all ERC-20 token deposits and withdrawals. This will happen twice: first during the Bellatrix consensus layer upgrade and again with the Paris execution layer upgrade. It’s anticipated that the first update will go live at 11 a.m. (UTC) on September 6 and the second upgrade will go live at 12 a.m. on September 15.
If no new tokens are created during the Ethereum Merge, the exchange said it will continue regular deposit and withdrawal operations after the Merge. Binance has said that the “ETH” ticker will be used for the PoS chain in the event of a separate chain. Furthermore, the forked token will be credited to user accounts on the exchange at a 1:1 ratio. The distribution will be based on the last snapshot obtained before the Paris execution layer.
Binance also clarified that it would not be impacting spot trading for ETH and ERC-20 tokens. Also, the exchange will suspend borrowing on September 14 and 16 at midnight (UTC), while margin trading will continue as usual. In addition, ETH Futures Trading will continue, although with certain adjustments made by Binance to dampen the effects of extreme volatility.
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Source: https://thenewscrypto.com/binance-to-halt-eth-withdrawals-and-deposits-during-merge/