Poloniex recently announced pausing deposits and withdrawals of ETH and ERC-20 tokens during the Ethereum merge on September 15.
The crypto exchange is known for being the first platform to support both Ethereum Classic and Ethereum. Thus, the community expected Poloniex to support the upcoming upgrade.
With the upgrade opening the opportunity for new token releases, the crypto exchange will undertake multiple security measures. These precautions will help Poloniex mitigate risks induced by price fluctuations, securing users’ assets.
Given the sheer prominence of Ethereum in the crypto domain, the announcement garnered the interest of many enthusiasts. Most of them searched for an extensive Poloniex review to comprehend its operations.
The exchange released an official post to inform users about the upgrade and how it will support it. The post included crucial information, such as:-
Deposit and Withdrawal of ERC-20 and ETH Tokens
The exchange announced that both activities would be paused during the upgrade. It will start with the Bellatrix consensus layer upgrade, initiating at 11:00 AM (UTC) on September 6.
It will be soon followed by the Paris execution layer upgrade on September 15. Poloniex warned users to complete their deposits and withdrawals before the development to avoid complications.
Futures and Spot Trading of ERC-20 and ETH Tokens
The upgrade will not affect the spot and futures trading of the ERC-20 and ETH tokens. However, the platform has warned users about price fluctuations after the merge. Thus, they should carefully analyze the risks before completing the transactions.
Users can start depositing and withdrawing the tokens once the merge is concluded and the Poloniex team has deemed it stable. The platform will post announcements on its website and social media handles, so users should keep an eye on them to stay updated.
Source: https://www.cryptonewsz.com/poloniex-to-stop-erc-20-token-and-eth-deposits-and-withdrawals/