Binance to Suspend ETH Operations to Maybe Give Users Forked Token

In a recently published blog post, Binance exchange announced that as part of supporting the upcoming Ethereum Merge upgrade, it intends to suspend withdrawals and deposits of both Ethereum and ERC-20 tokens on Sept. 6 and Sept. 15.

On Sept. 6, the consensus layer upgrade (Bellatrix) will occur on the Beacon Chain. On Sept. 15, the execution layer upgrade (Paris) is expected to occur, although this is only a preliminary estimation. It may happen any day between Sept. 10 and 20, the Binance blog post says.

The news was shared by Chinese crypto journalist and blogger Colin Wu on his Twitter page.

Binance’s Notice Regarding the Upcoming Ethereum Merge: Binance will suspend deposits and withdrawals for ETH and ERC-20 tokens at approximately 2022-09-06 11:00 (UTC) and 2022-09-15 00:00 (UTC). https://t.co/ZiLYaOm3Fp

— Wu Blockchain (@WuBlockchain) August 25, 2022

“A new ETH token may be created”

A new coin might appear as a result of the fork, and in that case the well-known ETH ticker will be given to the new PoS coin on Ethereum. However, no new token may appear and, for that reason, Binance has prepared two scenarios.

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Should no new coin emerge as a result of the upgrade, then deposits and withdrawals for ETH will be resumed as fast as the technical staff at Binance can do it.

If a new coin is made as a result of the fork, the new coin will be deposited to users’ accounts on a 1:1 basis based on a snapshots of users’ ETH balances taken before the Paris upgrade.

Earlier today, the price of Ethereum managed to rise and recapture the $1,700 level that was lost by ETH approximately a week ago. The community is looking forward to the Merge taking place.