Binance Stops Depositing And Withdrawing ETH And WETH From September 6 To The Merge

Binance has announced to suspend deposits and withdrawals for ETH and WETH until The Merge to ensure forked token allocation in the event of a chain split. The exchange also notes ETH (Arbitrum), ETH (OP) and WETH (RON) as the tokens that will be affected.

In advance of Ethereum’s Merge event, cryptocurrency exchange Binance said on September 5 that it will stop all deposits and withdrawals of Ethereum (ETH) and Wrapped Ethereum (WETH) on a few networks beginning on September 6 at 2 am (UTC).

In the announcement, the company shared a list of tokens and networks that will be impacted during the Merge – Namely ETH (Arbitrum), ETH (OP) and WETH (RON). The company stated that deposits of Ethereum (ETH) and Wrapped Ethereum (WETH) made on these networks during the suspension will not be credited, and affected users will not be eligible to receive any “forked token credit in the event of a chain split“.

The suspension of transactions on the named networks is scheduled to last until the Merge is complete. According to Binance, this is being done to “secure the allocation of forked tokens in the case of a chain split“.

This precautionary measure, according to Binance, is only temporary; deposits and withdrawals of Ether (ETH) and Wrapped Ether (WETH) on the impacted networks will resume as soon as it is determined that the networks are stable following the completion of the Merge. The named network suspensions won’t have an impact on ETH trading during the Merge.

The eagerly anticipated event is anticipated to lower the energy consumption of the Ethereum network by 99.95%, making it more ecologically friendly.

Just before that, the platform also announced that it would merge the balances of 4 stablecoins BUSD, USDC, USDP and TUSD into a single balance of BUSD.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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