Leading cryptocurrency exchange Binance is suspending all deposits and withdrawals of Ethereum (CRYPTO: ETH) ahead of the Merge event that will go live this week.
What Happened: Binance said all ETH and Wrapped Ethereum (CRYPTO: WETH) on a number of networks would be suspended on Sept. 6 at 2 a.m. UTC. The suspension will last until The Merge is complete.
Please note that the suspension will last until The Merge is complete.The impacted networks include ETH on Arbitrum, ETH on Optimism and WETH on Ronin.Deposits and withdrawals on the impacted networks will resume once the networks are deemed stable.
More details here https://t.co/r0HeQZbF7m
— Binance (@binance) September 5, 2022
“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,” said Binance in a blog.
See Also: Ethereum Merge Scheduled For Mainnet On Sept. 6 After Bellatrix Upgrade
The suspension, according to the cryptocurrency exchange, is a means of securing the appropriate allocation of tokens in case there is a chain split following The Merge.
The highly anticipated Merge event has been described as Ethereum’s most important upgrade to date. The event will transition the blockchain from a Proof-of-Work consensus mechanism to a Proof-of-Stake one.
See Also: WHAT IS ETHEREUM?
The Merge will also mark the end of mining Ethereum, forcing many miners to migrate to other networks such as Ethereum Classic (CRYPTO: ETC) — a cryptocurrency that has rallied 26% in the last 24 hours.
Price Action: At the time of writing, ETH was trading at $1,6377, up 4% over the last 24 hours.
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