Binance to Suspend ETH and ERC-20 Token Operations During Ethereum Network Merger

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The world's largest crypto exchange has announced that I/O transactions of Ether and ERC-20 tokens will beare not available from 14:30 MSK on September 6 to 03:00 MSK on September 15.

Two upgrades of the Ethereum network are scheduled for these dates: Bellatrix and Paris.The exchange team asksusers to take care of the completion of all ETH and ERC-20 token transfer operations in advance.

Since a hard fork and a new token may appear during the merge of the Ethereum network, the Binance exchange has developed several possible scenarios for the subsequent continuation of work.

First option: if the hard fork does not take place and a new token does not appear, then Binance will resumethe ability to deposit and withdraw ETH and ERC-20 tokens in the shortest possible time.

Second option: If the blockchain splits into two competing networks, and a new token is created, then theETH will only be used for the Ethereum network on Proof-of-Stake (PoS).Tokens created on the alternative network will be credited to users at a 1:1 ratio based on a snapshot of ETH balances before the Paris upgrade as of September 15, before 3:30 Moscow time.The exchange will separately notify users about the possibility of withdrawing tokens created as a result of the fork.

Binance draws the special attention of customers that it reserves the full right to change the procedure in the event of a split of the Ethereum blockchain.

In accordance with internal policies and in order to protect users , Binance does not guaranteelisting new tokens without going through a rigorous verification process.

Recently , the Binance trading platform, against the backdrop of Ethereum's transition to the Proof-of-Stake algorithm, said that it was ready to support both the main blockchain and its forks on Proof-of-Work.