Leading crypto exchange Binance will temporarily suspend transactions for this altcoin due to the upcoming update.
Binance has stopped transactions for this altcoin
Binance has announced that it is temporarily suspending deposits and withdrawals for Ethereum (ETH) and ERC-20 tokens due to the Bellatrix consensus layer upgrade. Deposits and withdrawals will remain suspended until further notice.
Reminder: #Binance has temporarily suspended deposits and withdrawals for $ETH and ERC-20 tokens due to the Bellatrix consensus layer upgrade.
We will provide updates on here once deposits and withdrawals have resumed.
— Binance (@binance) September 6, 2022
According to sassal.eth, the Bellatrix upgrade is complete:
Bellatrix upgrade just released on Ethereum Beacon Chain. Next up is the mainnet merge, which will happen in less than 9 days. Merge is coming.
At this time, Binance has yet to give any indication of the resumption of deposits and withdrawals.
Stock market takes importance for possible disruptions on the way to merge
In addition to this current suspension, Binance previously announced that ETH and ERC-20 token deposits and withdrawals for the Paris upgrade will also be temporarily suspended on September 15 at 15:00. Additionally, Binance said it will temporarily suspend BETH deposits and withdrawals, starting at 15:00 on September 14, 2022 and ending at 15:00 on September 16.
He states that staking “ETH 2.0” on Binance will continue after the Proof of Stake transition. However, functionality for withdrawal and redemption of staked ETH will not be available until Ethereum’s Shanghai upgrade in a few months. Binance claims this is necessary for preparations for the Ethereum merge, which is scheduled for mid-September. In a tweet on the subject, he made the following statements:
Before the possible consequences of this event, Binance is taking steps to mitigate trading risks and keep user funds SAFU.
Two scenarios for Merge
Following the merge and backup plans, Binance suggested two possible scenarios. First, the exchange says it will rapidly resume depositing and withdrawing ETH and ERC-20 tokens if there are no forks and no new tokens are created.
The second scenario is when an ETH fork generates two competing Blockchains and a new token. The ETH code will act as a beacon for the Ethereum PoS chain. Users will then be deposited fork tokens based on a snapshot of their ETH balance. Expectations remain after the successful completion of the Bellatrix upgrade that will trigger the Merge mainnet update.
As Kriptokoin.com, we discussed what the merge will add to the Ethereum network in this article. As the founder Vitalik Buterin stated, if all goes well, the promotion will be implemented from 13-15.
The merge is still expected to happen around Sep 13-15. What's happening today is the Bellatrix hard fork, which *prepares* the chain for the merge. Still important though – make sure to update your clients!
— vitalik.eth (@VitalikButerin) September 6, 2022
Ethereum price still frequents over 5% runs in the highly anticipated soaring days. ETH is currently trading at $1,641.26, up 3.94% from the last 24 hours.
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