Find out here why (and how) Binance will suspend the Ethereum wallet before the “merger”

By an official post, the stock Exchange Cryptocurrency Binance will take extra precautions during the Ethereum “Merger”. The platform announced a halt to ETH deposits and withdrawals on multiple networks starting tomorrow, September 6, 2022, at 2:00 UTC.

Users will not be able to deposit or withdraw their Ethereum (ETH) from the exchange, as mentioned, and they will lose all funds from incoming transactions. The limitation will extend from tomorrow until “The Merge” mainnet rolls out.

This event is one of the most anticipated events for Ethereum and the crypto industry. The network will complete its transition from a Proof-of-Work (PoW) consensus protocol to a Proof-of-Stake (PoS) consensus protocol, paving the way for scalability, performance and other upgrades. day.

“The Merger” has been tentatively scheduled for September 12, 2022, but preparations for the event will take place in the coming week. In addition to ETH, the native token of Ethereum, Binance will stop deposits and withdrawals of its synthetic forms on several networks.

Therefore, users will not be able to deposit or withdraw ETH on the Arbitrum and Optimism network and wrapped Ethereum (Weth) on the Ronin network. The cryptocurrency exchange claimed the following:

Binance will suspend Ether (ETH) and Wrapped Ether (WETH) deposits and withdrawals on multiple networks on 2022-09-06 02:00 (UTC). The suspension will last until the Fusion is complete. Deposits and withdrawals of Ether (ETH) and Wrapped Ether (WETH) on the impacted networks will resume when the networks are deemed stable.

Users will need to be notified when deposits and withdrawals resume. As the “Merger” approaches, speculation is rife about potential forks of ETH by different factions.

For example, miners might want to fork ETH to continue mining cryptocurrency. The original ETH will operate under a new validation model that will effectively render miners obsolete. Binance appears to be ready to mitigate any risk associated with these potential forks and any errors during the “merge”.

Ethereum Inventor Asks the Community Who Their Favorite Crypto Personality Is

Other exchanges will take similar action, many will stop their ETH deposits and withdrawals. This may interest you: Bitcoin (BTC) Price Technical Analysis: What You Need To Understand About The Queen Crypto’s Current Price Movements. However, as Binance clarified, the measure will not apply to other services and products.

Users will still be able to trade with their ETH on the numerous trading pairs before, during and after the “merger” in their various sectors. As Ethereum inventor Vitalik Buterin pointed out, this event will be followed by “The Surge”, “The Verge”, “The Purge” and “The Splurge”.

Each of these phases will allow the network to achieve its goal of onboarding millions of people into a “world computer”. Mr. Buterin recently asked his Twitter followers a series of questions about himself and their perception of his personality.

One of the questions was about people voting on the character of crypto Buterin’s favorite. At the time of writing, most voters agreed that Changpeng “CZ” Zhao, CEO and Founder of Binance, is the crypto personality Buterin respects the most.

Which of these crypto personalities do I respect the most?

(If “none”, interpret as “disrespects the least”)

— vitalik.eth (@VitalikButerin) September 5, 2022

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Find out here why (and how) Binance will suspend the Ethereum wallet before the “merger”

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