It’s been just reported that Binance will suspend the ETH and ERC-20 deposits and withdrawals during the Merge. Check out the complete details below.
Binance makes an important announcement
According to the latest reports, the crypto exchange Binance will suspend deposits and withdrawals of Ether (ETH) and ERC-20 tokens during the blockchain’s transition to its proof-of-stake (PoS) Beacon chain in September.
The crypto exchange announced the move in a bid to provide stability during The Merge, which is touted to take place in mid-September 2022.
It’s also been revealed the fact that Binance has become the second major exchange to announce the suspension of ETH deposits and withdrawals, following Coinbase earlier in August 2022.
According to an announcement from Binance, the exchange is timing suspensions with two important upgrades that will facilitate Ethereum’s switch from proof-of-work (PoW) to PoS.
The exchange noted that a new token could be created during a hard fork. It needs steps to reduce trading risks and ensure the safety of user funds which could be affected by price volatility.
“Binance will suspend deposits and withdrawals for ETH and ERC-20 tokens on Sept. 6 during the Bellatrix consensus layer upgrade as well as on Sept. 15, when the Paris execution layer upgrade is scheduled,” according to the reports from the Cointelegraph online publication.
Binance is trying to help people manage FUD, and the exchange released some tips in this direction. Check out the latest reports coming from their blog post below.
FUD is an acronym for ‘fear, uncertainty, and doubt.’
According to the post released by Binance, when FUD sweeps through the crypto market, traders and investors may give in to the prevalent sentiment and panic sell their assets based on what they hear in the news or on social media.
Stay tuned for more crypto news and keep your eyes on the market.