{"id":66343,"date":"2022-08-26T14:02:42","date_gmt":"2022-08-26T11:02:42","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=66343"},"modified":"2025-09-07T00:49:30","modified_gmt":"2025-09-06T21:49:30","slug":"binance-to-pause-ethereum-withdrawals-during-the-merge","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/binance-to-pause-ethereum-withdrawals-during-the-merge\/","title":{"rendered":"Binance to pause Ethereum withdrawals during The Merge"},"content":{"rendered":"<p>The cryptocurrency exchange Binance will suspend deposits and withdrawals in Ethereum and ERC-20 tokens during the migration of the blockchain from the Proof-of-Work (PoW) algorithm to <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-the-proof-of-work-pow-algorithm\">Proof-of-Stake<\/a> (PoS).<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&#038;ref_src=twsrc%5Etfw\">#Ethereum<\/a> will migrate to a PoS chain at approximately 12:30am UTC on September 15, 2022.<\/p>\n<p>Ahead of any possible ramification from this event, <a href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&#038;ref_src=twsrc%5Etfw\">#Binance<\/a> is taking steps to reduce trading risks and to keep user funds SAFU.<\/p>\n<p>\ud83e\uddf5 on some things to note about our plans for The Merge.<\/p>\n<p>\u2014 Binance (@binance) <a href=\"https:\/\/twitter.com\/binance\/status\/1562777089031503872?ref_src=twsrc%5Etfw\">August 25, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to the developers&#8217; plans, approximately September 6 the Bellatrix <a href=\"https:\/\/u1f987.com\/en\/news\/ethereum-developers-drop-eth1-and-eth2-terminology\">&#8216;consensus level&#8217;<\/a> (Beacon Chain) upgrade will take place. <a href=\"https:\/\/u1f987.com\/en\/news\/ethereum-developers-narrow-the-timeline-for-the-switch-to-proof-of-stake\">Presumably September 15<\/a> the Paris &#8216;execution layer&#8217; upgrade activation (mainnet) will occur.<\/p>\n<p>Binance noted that, as during <a href=\"https:\/\/u1f987.com\/en\/news\/ethereum-pow-fork-supporters-call-it-inevitable\">hard fork<\/a> a new token may appear, the exchange decided to &#8216;take steps to reduce volatility risks and ensure the safety of user funds&#8217;. <\/p>\n<p>The platform will pause deposits and withdrawals of Ether and ERC-20 tokens:<\/p>\n<ul class=\"wp-block-list\">\n<li>6 September at 14:00 (Kyiv\/Moscow time);<\/li>\n<li>15 September at 03:00 (Kyiv\/Moscow time).<\/li>\n<\/ul>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Make sure you have enough time to fully process your ETH and ERC-20 transfers before the times listed above. We will meet all technical requirements for asset owners on the platform,&#8221; Binance&#8217;s team warned.<\/p>\n<\/blockquote>\n<p>Trading operations on the platform will not be affected, except for cross-margin and isolated-margin borrowing of Ether.<\/p>\n<p>The company outlined two possible scenarios after Ethereum&#8217;s The Merge:<\/p>\n<ul class=\"wp-block-list\">\n<li>No new token is created. Binance will resume deposits\/withdrawals as soon as possible;<\/li>\n<li>The blockchain splits into two competing chains. The ETH ticker will be retained by the Ethereum PoS network. The exchange will issue a fork token at a 1:1 ratio based on the snapshot before the Paris activation and add withdrawal capability for the new asset.<\/li>\n<\/ul>\n<p>Binance Pool will discontinue Ethereum mining after The Merge. Users will be able to switch to mining Ethereum Classic.<\/p>\n<p>As a reminder, Ethermine, the largest PoW hash-rate pool in the network and the second-largest by market capitalization, also said it will not support any potential PoW forks of the blockchain.<\/p>\n<p>Read ForkLog&#8217;s bitcoin news in our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 crypto news, rates and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency exchange Binance will suspend deposits and withdrawals in Ethereum and ERC-20 tokens during the blockchain migration from the Proof-of-Work (PoW) to Proof-of-Stake (PoS).<\/p>\n","protected":false},"author":1,"featured_media":66344,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,46],"class_list":["post-66343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-ethereum"],"aioseo_notices":[],"amp_enabled":true,"views":"34","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/66343","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=66343"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/66343\/revisions"}],"predecessor-version":[{"id":66345,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/66343\/revisions\/66345"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/66344"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=66343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=66343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=66343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}