FTX and Binance to freeze Ethereum withdrawals while switching to green blockchain

The FTX cryptocurrency exchange has announced a temporary suspension of ethereum transactions — representatives of the platform have decided to take precautionary measures to ensure the safety of investors' funds during the merger of the ethereum network.

As it has become known, ETH deposit and withdrawal operations will be suspended on Arbitrum, Solana, and BSC: on Arbitrum One from 00:00 (UTC) on September 7, on Solana ETH and Binance Smart Chain from 00:00 (UTC) on September 15. Also, the FTX team reserves the right to make changes to the published schedule of operations suspension at any time.

As for Binance, the cryptocurrency exchange, its representatives said that the platform will suspend deposits and withdrawals of ETH and ERC-20 during the transition of Ethereum to the proof-of-stake (PoS) model. The temporary suspension will take place on September 6 to update the Bellatrix consensus level and on September 15 to update the Paris consensus level. The Bellatrix update puts Ethereum’s consensus level in a state ready for merging, and the Paris update will move the network from PoW to PoS.

The Merge intends to move the Ethereum blockchain from PoW to the PoS model, a faster, more energy-efficient, and secure way to scale projects. It is expected that the transition of Ethereum to a «green blockchain» will reduce energy consumption by 99%. According to preliminary data, The Merge will take place on September 15, and we have published a link to the countdown to this event.