Crypto exchanges Binance and Coinbase to suspend ETH and ERC-20 deposits and withdrawals temporarily in September
Coinbase and Binance will halt certain transactions as the Ethereum network transitions from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus mechanism also known as The Merge.
Binance and Coinbase, two of the world’s largest crypto platforms, will be temporarily suspending Ether (ETH) and ERC-20 transactions sometime next month. The move is aimed at providing stability as the Ethereum network transitions from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus mechanism also known as The Merge.
Binance, the world’s largest crypto exchange by trading volume, announced that it will be temporarily suspending withdrawals and deposits of Ether (ETH) and ERC-20 tokens to provide stability during the transition, according to Cointelegraph. The Merge is expected to happen between September 10 and September 20.
“Binance will suspend deposits and withdrawals for ETH and ERC-20 tokens at approximately: 2022-09-06 11:00 (UTC) for the Bellatrix consensus layer upgrade, and 2022-09-15 00:00 (UTC) for the Paris execution layer upgrade,” the crypto exchange said on a blog post.
“Please ensure that you leave sufficient time for your ETH and ERC-20 tokens transfers to be fully processed prior to the above time,” Binance reminded users. “We will handle all technical requirements for users holding ETH and ERC-20 tokens on Binance.”
However, some transactions and products won’t be affected. These include ETH Futures Trading, the trading of ETHUP/USDT and ETHDOWN/USDT trading pairs, ETH and ERC-20 Tokens Spot & Margin Trading, ETHUSDT Options trading, ETH trading on Binance Convert, ETH Dual Investment, ETH Flexible Savings and ETH Locked Savings, existing Auto-Invest plans with ETH, and Binance Card/Pay.
Binance is now the second major crypto exchange that announced the suspension of ETH deposits and withdrawals during The Merge. US-based crypto exchange Coinbase also made a similar announcement earlier in August.
“During the Merge, Coinbase will briefly pause new Ethereum (ETH) and ERC-20 token deposits and withdrawals as a precautionary measure,” Coinbase product manager Armin Rezaiean-Asel said in a blog post. “Although the Merge is expected to be seamless from a user perspective, this downtime allows us to ensure that the transition has been successfully reflected by our systems.”
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