Tuesday, November 29, 2022
 

Pre-Merge Update: Binance Suspends ETH, WETH Deposit and Withdrawal

  • Binance has temporarily suspended ETH and WETH deposits and withdrawals from September 6 until the Ethereum Merge is complete.
  • The announcement tweet shared a list of tokens and networks where the suspension will apply.
  • The list included – ETH (Arbitrum), ETH (OP), WETH (RON).

Cryptocurrency Exchange Company Binance announced on Twitter that it has temporarily suspended Ether (ETH) and Wrapped Ether (WETH) starting from September 6, 2022, at 2 AM UTC until the Ethereum Merge event.

The Twitter account listed all the networks and tokens that will be impacted by the suspension, including – ETH on the Arbitrum network, ETH on the Optimism network, and WETH on the Ronin network. The tweet also highlighted that the deposits and withdrawals will resume once the networks are stable again.

More details about the ETH and WETH suspensions, as well as The Merge, are mentioned in the official blog released by Binance.

The scheduled suspension is done to “secure the allocation of forked tokens in the case of a chain split.” Moreover, during the course of the Merge, ETH trading will not be impacted.

The Ethereum Merge has been a long-awaited event in the Binance community. The event is foreseen to render the Ethereum network more eco-friendly and reduce energy consumption by an expected 99.95%.

In other news, Binance stated in an official statement its plans to initiate a BUSD auto-conversion feature coming on September 29. The addition is expected to enable users to convert their USDC, USDP, and TUSD balances directly into the BUSD stable coin at a 1:1 ratio.

Binance is actively taking steps to improve its user experience in an attempt “to enhance liquidity and capital efficiency for users.” However, this new feature will not influence users withdrawing funds in USDC, USDP, and TUSD.

  • Binance has temporarily suspended ETH and WETH deposits and withdrawals from September 6 until the Ethereum Merge is complete.
  • The announcement tweet shared a list of tokens and networks where the suspension will apply.
  • The list included – ETH (Arbitrum), ETH (OP), WETH (RON).

Cryptocurrency Exchange Company Binance announced on Twitter that it has temporarily suspended Ether (ETH) and Wrapped Ether (WETH) starting from September 6, 2022, at 2 AM UTC until the Ethereum Merge event.

The Twitter account listed all the networks and tokens that will be impacted by the suspension, including – ETH on the Arbitrum network, ETH on the Optimism network, and WETH on the Ronin network. The tweet also highlighted that the deposits and withdrawals will resume once the networks are stable again.

More details about the ETH and WETH suspensions, as well as The Merge, are mentioned in the official blog released by Binance.

The scheduled suspension is done to “secure the allocation of forked tokens in the case of a chain split.” Moreover, during the course of the Merge, ETH trading will not be impacted.

The Ethereum Merge has been a long-awaited event in the Binance community. The event is foreseen to render the Ethereum network more eco-friendly and reduce energy consumption by an expected 99.95%.

In other news, Binance stated in an official statement its plans to initiate a BUSD auto-conversion feature coming on September 29. The addition is expected to enable users to convert their USDC, USDP, and TUSD balances directly into the BUSD stable coin at a 1:1 ratio.

Binance is actively taking steps to improve its user experience in an attempt “to enhance liquidity and capital efficiency for users.” However, this new feature will not influence users withdrawing funds in USDC, USDP, and TUSD.

 

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