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News

FTX Halts Ethereum Trades On Arbitrum, Solana, BSC Ahead Of The Merge

September 5, 2022 - Around 2 mins mins to read
Because Ethereum developers promised no downtime during The Merge, one of the most anticipated Ethereum updates, crypto community members optional to take proactive actions to protect investor assets. One of them is FTX, and the exchange has declared that all Ether (ETH) exchanges on various blockchains would be suspended until the September upgrade is completed.
FTX Halts Ethereum Trades On Arbitrum, Solana, BSC Ahead Of The Merge

The Merge, according to Ethereum developers, is meant to move to PoS with zero downtime due to the total terminal difficulty (TTD), which ensures the transition based on the total mining power that goes into establishing a chain. Despite the explanation, FTX decided to halt “deposits and withdrawals until the Merge is finished and networks are stable.”

FTX Halts Ethereum Trades On Arbitrum, Solana, BSC Ahead Of The Merge

The trade suspension for Ethereum on several blockchains has been scheduled to begin at various times but is subject to change depending on anticipated issues.

FTX Halts Ethereum Trades On Arbitrum, Solana, BSC Ahead Of The Merge
Source: FTX

This is the first move in the major exchanges to prepare for the biggest update of the Ethereum network, it is not clear if Binance or Coinbase and other exchanges have the same move however, most platforms support PoS chain after The Merge.

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Harold

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.