Binance, the world’s largest cryptocurrency exchange, has released an important announcement. Accordingly, transactions with a leading altcoin will be suspended within a certain date range. Here are the details…
Binance will stop trading this altcoin
Leading cryptocurrency exchange Binance has announced that it will stop trading on an altcoin project. Accordingly, the exchange will suspend deposits and withdrawals of ERC-20 tokens on the Ethereum Blockchain. Users will not be able to perform these transactions as of August 31, 2022 at 9:25 pm. Binance stated that starting from the aforementioned date, ERC-20 transactions will be temporarily suspended. He then explained the reason for his decision.
Accordingly, the reason for Binance stopping Ethereum transactions was wallet maintenance. The giant exchange will conduct wallet maintenance for Ethereum assets during the pause. Also, Binance needs 3 hours to complete said maintenance. After 3 hours of maintenance, the exchange will probably not publish a post or notification that it has opened trades. However, deposits and withdrawals will automatically take effect again. Thus, users will have the opportunity to re-deposit and withdraw their ETH and ERC-20 assets.
Transactions will be suspended again on September 6
In addition to the wallet maintenance on August 31, Binance will also suspend some altcoin transactions on September 6. These altcoins also consist of ERC-20 and ETH assets. As Cryptokoin.com reported, Ethereum will perform the Bellatrix upgrade on September 6th. This upgrade is important as one of the last updates before Merge. According to Binance’s announcement last week, trading will be suspended twice, on September 6 at 14:00 and 15:00.
According to these developments, the world’s largest exchange seems to be preparing itself for the Ethereum Merge upgrade. Binance adds that it will inform investors after the two freeze events on September 6. He states that these freezes are for preparations for the Ethereum Merge upgrade. With the Merge upgrade, Ethereum will switch to the Proof-of-Stake network and the upgrade will take place on September 15 at 15:30 CEST.
Binance prepares for Ethereum Merge
Ethereum will complete its transition to PoS with consensus layer upgrade “Bellatrix” and execution layer upgrade “Paris”. Binance is considering two possible scenarios in this regard. In the first case, Binance will reopen ETH and ERC-20 altcoin transactions as soon as possible if there is no fork during the Merge, no new tokens appear. In this scenario, transactions will start after a short time without any problems.
In the second possibility, an ETH fork will occur. Thus, two different Blockchains with the same roots as Ethereum will be formed. In this scenario, the Ethereum PoS chain will be identified by the ETH ticker. It will then allow users to transfer to the forked altcoin based on their ETH holdings. Additionally, Binance will temporarily suspend BETH deposits and withdrawals starting at 15:00 CEST on September 14, 2022 and ending at 15:00 CEST on September 16, 2022.
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