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Cryptocurrency exchange Binance suspends deposits and withdrawals in ETH while Ethereum switches to the green blockchain

4:25 pm, August 26, 2022

Cryptocurrency exchange Binance has announced that it will suspend deposits and withdrawals of ETH and ERC-20 during Ethereum’s transition to the proof-of-stake (PoS) model. The company said it will do so 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.

As a result of Ethereum’s transition to PoS, a new coin may appear, in which case the ETH token will be assigned to it. However, a new token may not appear, and for this reason, Binance has prepared two scenarios:

Scenario A: If no new token is created, Binance will reopen deposits and withdrawals as soon as possible.

Scenario B: 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 (file copies) of ETH balances taken before the Paris update.

Merge intends to switch the Ethereum blockchain from the 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%.

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