Ahead of the planned merge, the world’s leading crypto trading platform Binance has officially announced the temporal suspension of both deposits and withdrawal on the platform.
The crypto giant list tokens and Networks that would be affected during the suspension and merge to include: ETH (Arbitrum), ETH (OP) and WETH (RON). [irp posts=”1078″ name=”CRYPTO: Despite strict regulations transaction volume at binance still soaring daily”]
Binance further 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 according to the company is expected to commence from today September 6th, 2022 and will last until the merge is successfully completed. However Binance assured it’s global users that the affected Tokens and Networks will resume full transactions once the merge is deemed stable. The tweet reads;
🔸 ETH (Arbitrum)
🔸 ETH (OP)
🔸 WETH (RON)
— Binance (@binance) September 5, 2022
According to Binance, this is being done to “secure the allocation of forked tokens in the case of a chain split.” [irp posts=”11115″ name=”BREAKING: Nigeria begins talks with Binance; planning economic diversity through Blockchain technology”]
Binance said that this precautionary move is only temporary, and that deposits and withdrawals of Ether (ETH) and Wrapped Ether (WETH) on the impacted networks will resume once the networks are deemed stable after the Merge is complete. During the Merge, ETH trading will not be impacted by the named network suspensions.
In case you are not aware
The current Ethereum Mainnet is expected to merge with the Beacon Chain Proof-of-Stake system which is expected to mark the end of Proof-of-Work for Ethereum.
According to blockchain technology experts, the merge is intended to move Ethereum away from the energy-intensive process known as mining, and it could reduce the network’s power consumption by more than 99.95% making it more environmentally friendly.