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Binance ethereum

Why Binance Will Suspend Ethereum And Wrapped Ether Wallet Services Ahead Of “The Merge”

Reynaldo Marquez
by Reynaldo Marquez
2 years ago
·
Posted in Altcoins
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Per an official post, crypto exchange Binance will take extra precautions during Ethereum’s “Merge”. The platform announced a halt in ETH deposits and withdrawals across multiple networks starting tomorrow September 6th, 2022, at 2:00 UTC.

Related Reading: Shiba Inu Whale Adds More Than $22M SHIB, Is A Reversal In The Works?

Users will be unable to deposit or take out their Ethereum (ETH) from the exchange, as mentioned, and they will lose any funds from incoming transactions. The limitation will extend from tomorrow until the mainnet deployment of “The Merge”.

This event is one of Ethereum and the crypto industry’s most anticipated events. The network will complete its transition from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus protocol opening the door for scalability, performance, and other updates.

“The Merge” has been tentatively scheduled for September 12th, 2022, but preparations for the event will take place in the coming week. In addition to ETH, Ethereum’s native token, Binance will halt deposits and withdrawals of its synthetic forms on multiple networks.

Therefore, users will be unable to deposit or withdraw ETH on the Arbitrum and Optimism network and Wrapped Ethereum (Weth) on the Ronin Network. The crypto exchange claimed the following:

Binance will suspend deposits and withdrawals for Ether (ETH) and Wrapped Ether (WETH) on multiple networks on 2022-09-06 at 02:00 (UTC). The suspension will last until the Merge is complete. Deposits and withdrawals of Ether (ETH) and Wrapped Ether (WETH) on the impacted networks will resume when the networks are deemed stable.

Users will need to be notified when deposit and withdrawal resume. As “The Merge” approaches, there is speculation about potential ETH forks from different factions.

For example, miners might want to fork ETH to continue mining the cryptocurrency. The original ETH will operate under a new validation model that will effectively render miners obsolete. Binance seems to be prepared to mitigate any risk from these potential forks and any errors during “The Merge”.

Ethereum ETH ETHUSDT Crypto
ETH’s price moving sideways on the 4-hour chart. Source: ETHUSDT Tradingview

Ethereum Inventor Asks Community About His Favorite Crypto Personality

Other exchange platforms will take similar measures, many will halt their ETH deposits and withdrawals. However, as Binance clarified, the measure will not apply to other services and products.

Users will still be able to trade with their ETH on the many different trading pairs before, during, and after “The Merge” across their different sectors. As outlined by the inventor of Ethereum, Vitalik Buterin, this event will be followed by “The Surge”, “The Verge”, “The Purge”, and “The Splurge”.

Each of these phases will enable the network to achieve its goal of onboarding millions of people into a “world computer”. Buterin recently asked his followers on Twitter a series of questions about himself and their perception of his personality.

Related Reading: LG Unveils App That Enables Users To Buy, Sell NFTs Using Their Smart TV

One of the questions involved people voting on Buterin’s favorite crypto character. At the time of writing, most voters agreed that Changpeng “CZ” Zhao, CEO and founder of Binance, is the crypto personality that Buterin respects the most.

Whom of these crypto personalities do I respect the most?

(If “none”, interpret as “disrespect the least”)

— vitalik.eth (@VitalikButerin) September 5, 2022 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Reynaldo Marquez

Reynaldo Marquez

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As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

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