Binance to suspend deposits and withdrawals for ETH on Sept. 6 and 15 when two major upgrades will be performed as part of Merge
In a recently published blog post, the Binance exchange announced that as part of supporting the upcoming Ethereum merge upgrade, it is planning to suspend withdrawals and deposits of both Ethereum and ERC-20 tokens on September 6 and 15. intends.
On Sept. 6, the consensus layer upgrade (Bellatrix) will occur on the Beacon Chain. On Sept. 15, the execution layer upgrade (Paris) is expected to occur, although this is only a preliminary estimation. It may happen any day between Sept. 10 and 20, the Binance blog post says.
The news was shared by Chinese crypto journalist and blogger Colin Wu on his Twitter page.
“A new ETH token may be created”
A new coin might appear as a result of the fork, and in that case the well-known ETH ticker will be given to the new PoS coin on Ethereum. However, no new token may appear and, for that reason, Binance has prepared two scenarios.
If no new coins are released as a result of the upgrade, deposits and withdrawals for ETH will resume as fast as Binance’s technical staff can.
If a new coin is made as a result of the fork, the new coin will be deposited to users’ accounts on a 1:1 basis based on a snapshots of users’ ETH balances taken before the Paris upgrade.
Earlier today, Ethereum price managed to rise and reclaim the $1,700 level lost by ETH almost a week ago. The community is waiting to be merged.
