Tuesday, December 6, 2022
HomeETHTop crypto exchange Binance announces to compensate users after recent Ethereum fork...

Top crypto exchange Binance announces to compensate users after recent Ethereum fork issue

In light of the fact that the Ethereum merge is scheduled to take place between September 10 and September 20, Binance has announced that it would refund customers whose ETH holdings were reduced as a result of a probable split in the Ethereum chain.

Binance made public on August 25, its intention to defend and preserve the cash belonging to its users regardless of the results of the Ethereum combine.

Binance has announced that it would pause ETH and ERC-20 token deposits and withdrawals during the upgrades to the Bellatrix consensus layer and the Paris execution layer, which are scheduled to take place on September 6 and September 15, respectively.

In the case that the mainnet does not divide, there will be no creation of any additional tokens. If this continues to be the case, Binance will reopen the ability to make deposits and withdrawals as quickly as they can.

On the other hand, in the event that the merging leads to a fork in the Ethereum chain, a new token will be generated, while the token used by the PoS chain will continue to use the ticker “ETH.” For customers, Binance will provide a refund equal to the amount of the forked cryptocurrency.

Binance has also made it clear that the newly created coin would have to pass through the exchange’s stringent listing procedure before it can be traded.

From September 14 through September 16, users of Binance who have their ETH staked in the BETH pool will be unable to make deposits or withdrawals during that time period.
During the time that the Merge is taking place, the DeFi staking option will also cease accepting new subscribers. When the Merge has been successfully completed, all staking services will be brought back online.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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