Bitcoin exchange Binance will suspend deposits and withdrawals in Ethereum and ERC-20 tokens during the blockchain transition from Proof-of-Stake (PoS) to Proof-of-Work (PoW).

#Ethereum It will be moved to a PoS chain at approximately 12:30 UTC September 15, 2022.

Before the possible consequences of this event, #Binance takes steps to reduce trading risks and keep user funds SAFU.

🧵 About some things to note about our plans for The Merge.

— Binance (@binance) August 25, 2022

According to the developers’ plans, the Bellatrix “consensus level” (Beacon Chain) update will occur around September 6. Presumably on September 15, the Paris “execution layer” (mainnet) upgrade will be activated.

Binance stated that since a new token may be issued during the hard fork, the exchange has decided to “take steps to mitigate volatility risks and ensure the safety of user funds.”

The platform will suspend deposits and withdrawals of Ether and ERC-20 tokens:

• 6 September at 14:00 (Kyiv/MSK);
• September 15 at 03:00 (Kyiv / Moscow time).

“Make sure you have enough time to fully process your transfers in ETH and ERC-20 tokens before the time specified above. We will meet all technical requirements for asset holders on the platform,” the Binance team warned.

Restrictions will not affect trading transactions on the site, except for cross and isolated borrowing of Ether.

The company noted two possible scenarios after the Ethereum merger (The Merge):

• No new tokens are created. Binance is restarting deposits/withdrawals as soon as possible;
• The blockchain is split into two competing chains. ETH registration will remain with the Ethereum PoS network. The exchange credits the fork token at a 1:1 ratio based on the snapshot before Paris was activated and adds a withdrawal option for the new asset.

After the merge, Binance Pool Mining Pool will decommission Ethereum mining. Users will be able to switch to Ethereum Classic mining.

Ethermine pool, the largest hash rate on the network, the second largest cryptocurrency by capitalization, also stated that the blockchain will not support any potential PoW forks.

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