Binance suspends deposits and withdrawals in ETH and WETH

The suspension will last until “The Merge” upgrade on the Ethereum network is completed

06.09.2022 - 07:30

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What’s new? The team at cryptocurrency exchange Binance has reported on its blog about the suspension of wallets for ETH and WETH in several networks at once. Starting from 02:00 UTC on September 6 and until the networks are stable after “The Merge” upgrade, deposits and withdrawals in these tokens will not be available.

Announcement on the Binance blog

Which assets will be affected? Deposits and withdrawals will affect ETH on the Arbitrum and Optimism networks, as well as WETH on the Ronin network. Any deposits during the suspension will not be credited to the balance, and users will not be eligible to receive forked tokens in the event of a chain split. Trading for the aforementioned assets, however, remains available.

What is known about the Ethereum upgrade? Due to the algorithm change from Proof of Work (PoW) to Proof of Stake (PoS), the way coins are earned on the network will change from mining to staking. The upgrade may also result in a split into two networks, one of which will continue to run on PoW. In August, the developers published a document refuting misconceptions related to the upcoming upgrade.

The developers also updated the roadmap for the upgrade. It will be done in two stages: the first upgrade, called Bellatrix, will be released on September 6 at 11:34:47 UTC, in case of its successful integration, the second upgrade, Paris, will be launched.

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