Binance to Suspend ETH and ERC-20 Token Operations During Ethereum Network Merger

The largest crypto exchange in the world has announced that Ethereum and ERC-20 token deposit/withdrawal transactions will be unavailable from September 6 at 14:30 UTC until September 15 at 00:00 UTC.

Two upgrades of the Ethereum network are scheduled for these dates: Bellatrix and Paris. The exchange team asks users to take care of the completion of all transfers of ETH and ERC-20 tokens in advance.

Since during the merger of the Ethereum network, a hard fork may take place and a new token will appear, the Binance exchange has developed several possible scenarios for the subsequent continuation of work.

First option: if the hard fork does not take place and the new token does not appear, then Binance will resume the possibility of depositing and withdrawing ETH and ERC-20 tokens as soon as possible.

Second option: if the blockchain splits into two competing networks and a new token is created, then the ETH ticker will only be used for the Proof-of-Stake (PoS) Ethereum network. Tokens created on the ALT will be credited to users at a 1:1 ratio based on a snapshot of ETH balances prior to the Paris update as of September 15th by 03:30 UTC. The exchange will separately notify users about the possibility of withdrawing the tokens created as a result of the fork.

Binance pays special attention to customers, which reserves the full right to change the course of action in the event of a split of the Ethereum blockchain.

In accordance with internal policy and for the protection of users, Binance does not guarantee the listing of new tokens without going through a rigorous verification process.

The other day, the Binance trading platform, amid the transition of Ethereum to the Proof-of-Stake algorithm, announced that it was ready to support both the main blockchain and its forks on Proof-of-Work.