Binance Cryptocurrency Exchange Announces Date of Suspension of Ethereum Operations

According to the official website of the Binance crypto exchange, deposits and withdrawals on the Ethereum network will be suspended on the platform one hour before The Merge (September 15 at 03:30 Kyiv time).

It is worth noting that after the successful transition of Ethereum to the green blockchain, Binance will distribute Ethereum PoW fork tokens among ETH holders. In a ratio of 1:1 — 1 ETH: 1 WETH. «If the ETHW chain survives, Binance will fulfill all technical requirements for all users with ETH and WETH on the balance sheet and will credit the forked token in an equal ratio,» the exchange representatives said.

In addition, if a new coin is created as a result of the fork, it will be credited to users' accounts in a 1:1 ratio based on snapshots (copies of files) of ETH balances made before the Paris update.

We will provide further information regarding The Merge closer to the event.

Read the full updates here ⤵️https://t.co/7F534F5HP4

— Binance (@binance) September 13, 2022

It is worth noting that on September 6, Binance already suspended ETH and ERC-20 deposits and withdrawals to update the Bellatrix consensus level. The Merge intends to move the Ethereum blockchain from a PoW to a PoS model, a faster, more energy-efficient, and secure way to scale projects. The transition of Ethereum to a «green blockchain» is expected to reduce energy consumption by 99%.