Klever
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap
No Result
View All Result
  • Login
  • Register
Klever News
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap
No Result
View All Result
Klever News
Home Global
Binance to Halt ETH and ERC-20 Token Transactions During the Ethereum Merge

Binance to Halt ETH and ERC-20 Token Transactions During the Ethereum Merge

by BitDegree
September 1, 2022
in Global
Reading Time: 2 mins read
2.9k
A A
0
Share on FacebookShare on Twitter

Binance greets the Ethereum Merge with suspended withdrawals and deposits.

Binance, the largest crypto exchange considering daily trading volumes, is planning to postpone Ether (ETH) and ERC-20 token withdrawals and deposits during the Ethereum Merge. 

According to the announcement shared on Binance’s website, the company will take this step to reduce trading risks and to keep user funds safe. 

You might also like

K5: a bright future ahead with the community being the biggest inspiration 

K5: a bright future ahead with the community being the biggest inspiration 

February 3, 2023
7.3k
Klever is your go-to DeFi solution 

Klever is your go-to DeFi solution 

February 1, 2023
7.3k

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe – We publish new crypto explainer videos every week!

Based on the information shared by Binance, the company will halt its withdrawals and deposits in the same order as the Ethereum Merge will happen. The first suspension will happen on September 6th, during the Bellatrix consensus layer upgrade. Afterward, on September 15th, transactions will also be halted as the Paris execution layer will be upgraded.

The crypto exchange notes that other services, such as Binance Pay, futures trading, spot and margin trading, Binance Card, will not be affected. 

During its announcement, Binance identified two scenarios following the Merge. The first scenario is that no new token will be issued. In that case, Binance is set to relaunch the “deposits and withdrawals of ETH and ERC-20 tokens as soon as possible”. 

The second scenario notes that the chain may split into two units creating a new token. In that case, the ETH ticker will be used to represent the Ethereum PoS chain. The company notes:

We will then credit to users’ Binance accounts the forked token from the minority chain at a ratio of 1:1, based on the snapshot of ETH balances before the Paris execution layer upgrade (approximately at ETH mainnet block height of 15,540,293, or 2022-09-15 00:30 (UTC)).

The company highlights that depending on the situation, separate announcements will be shared down the line. 

Binance is not the only crypto exchange planning to take such a measure. On August 16th, an American cryptocurrency exchange Coinbase announced its plans to temporarily suspend deposits and withdrawals of Ether (ETH) and ERC-20 tokens during September’s Ethereum Merge. 

Shortly after that, the Ethereum Foundation revealed detailed plans about the upcoming Merge, including dates and the processes that will take place. 

Aaron S. - Expert Reviewer

by Aaron S. – Expert Reviewer, BitDegree


This article was originally published in Bitdegree and can be viewed here:

https://www.bitdegree.org/crypto/news/binance-to-halt-eth-and-eth-20-transactions-during-the-ethereum-merge

Tags: Bitdegree
Previous Post

MakerDAO Co-Founder Rune Christensen to Suggests DAI-USD Detachment

Next Post

Singapore Monetary Authority Sends Questionnaires to Selected Crypto Firms

BitDegree

BitDegree

Related Stories

K5: a bright future ahead with the community being the biggest inspiration 

K5: a bright future ahead with the community being the biggest inspiration 

by Maluh Bastos
February 3, 2023
0
7.3k

Klever K5 Wallet’s launch has been the buzz in the last few days. The new and improved Klever Wallet app...

Klever is your go-to DeFi solution 

Klever is your go-to DeFi solution 

by Maluh Bastos
February 1, 2023
0
7.3k

The DeFi world is growing fast. Therefore, having a trustable and effective platform to navigate this universe can help users...

Time to start using K5: learn how to migrate to the new Klever wallet app version

Time to start using K5: learn how to migrate to the new Klever wallet app version

by Maluh Bastos
January 31, 2023
0
7.3k

KleverChain’s launch in 2022 was one of the biggest accomplishments for the Klever Ecosystem.  Klever’s very own blockchain is bringing...

Use cryptocurrency and blockchain for transparent and secure voting

Use cryptocurrency and blockchain for transparent and secure voting

by Warren Manuel
January 30, 2023
0
7.3k

The integrity of democratic voting systems is crucial for the functioning of a healthy democracy. In recent years, there has...

Next Post
Singapore Monetary Authority Sends Questionnaires to Selected Crypto Firms

Singapore Monetary Authority Sends Questionnaires to Selected Crypto Firms

Formula One Files for Crypto and NFT Trademarks

Formula One Files for Crypto and NFT Trademarks

Please login to join discussion
Download Klever Wallet Download Klever Wallet Download Klever Wallet
ADVERTISEMENT

Recommended

Ethereum

Coin of the Week: Ethereum (ETH)

November 14, 2021
7.5k
Tron (TRX)

Coin of the Week: Tron (TRX)

May 19, 2022
7.5k

Popular Story

  • Stand a chance to win your share of 10,000 KLV

    Stand a chance to win your share of 10,000 KLV

    8335 shares
    Share 3334 Tweet 2084
  • Test drive Klever Wallet, K5 and Win 1000 KLV & 1 KFI

    7021 shares
    Share 2808 Tweet 1755
  • Bitcoin battles back from record losses to $21,000

    5914 shares
    Share 2366 Tweet 1479
  • Klever showcases its blockchain ecosystem on a Time Square billboard

    5358 shares
    Share 2143 Tweet 1340
  • K5 adds new blockchain and KleverSafe support in the latest Android version

    5070 shares
    Share 2028 Tweet 1268

Follow us on Twitter

Klever News

Join the Klever community
Growing together we are stronger.
Be sure to follow us on social media to stay up to date.

Categories

  • Announcements
  • Coin of the Week
  • Education
  • Exchange
  • Games
  • Global
  • Hardware Wallet
  • Market Updates
  • NFTs
  • Opinions
  • Sponsored
  • Wallet
Download Klever Wallet Download Klever Wallet Download Klever Wallet
ADVERTISEMENT

Recent News

K5: a bright future ahead with the community being the biggest inspiration 

K5: a bright future ahead with the community being the biggest inspiration 

February 3, 2023
Klever is your go-to DeFi solution 

Klever is your go-to DeFi solution 

February 1, 2023
  • Sponsored Content
  • Advertise
  • Contact Us
  • RSS Feed

© 2022 Klever News - Premium Crypto news & insights by Klever Finance.

  • Login
  • Sign Up
No Result
View All Result
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Google
OR

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
Go to mobile version