Tuesday, December 6, 2022
HomeETHBinance halts deposit and withdrawal of ETH and ERC-20 tokens

Binance halts deposit and withdrawal of ETH and ERC-20 tokens

Global crypto exchange Binance via tweet, on September 6 announced the temporary halt on the deposit and withdrawal of ETH and ERC-20 tokens because of the Bellatrix consensus layer update.

Binance further states that once the deposit and withdrawal of tokens resume, it will provide updates on Twitter. As per the sassal.eth, the Bellatrix update has finalised, “the Bellatrix update just went live on Beacon Chain of Ethereum. Next in line is the mainnet merge, which will occur in less than 9 days. The Merge is coming.”

At the time of writing, Binance is yet to provide information on whether the deposit and withdrawal have restarted on the exchange.

Apart from the ongoing suspension, Binance previously declared that the deposit and withdrawal of ETH and ERC-20 tokens will be immediately stopped on the platform for the Paris upgrade from September 15 at 12 a.m. UTC.

Moreover, Binance also said that the deposit and withdrawal of BETH would be temporarily halted from September 14 at 12:00 pm UTC to September 16 at 12:00 pm UTC.

Binance expressed that after the transition to proof-of-stake, the staking of ETH 2.0 will resume on the Binance exchange.

However, the redemption and withdrawal utility of staked ETH won’t be accessible until Ethereum gets updated to Shanghai upgrade in the coming months.

This, Binance claims, was required for its arrangements for the Ethereum Merge, which is scheduled to happen in mid-September. Binance expressed in the tweet, “ahead of any potential implication from the event, Binance is doing whatever it takes to reduce trading risks and to keep client funds safe.”

Moreover, Binance suggests two potential situations on the upcoming Ethereum Merge and its backup plans. First, if there is no new token created and has no fork, then the exchange will quickly resume the deposit and withdrawal service of ERC-20 and ETH.

In the second situation, if the ETH fork generated a new token and two chains that compete with each other, then the ETH ticker will act as a marker for the Ethereum Proof-of-Stake chain and clients will be credited with forked tokens depending on their ETH balances.

Assumption stays in place following the effective completion of the Bellatrix update, which will set off the Merge mainnet upgrade.

Read more:
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

19 + three =

- Advertisment -

Most Popular