Binance Temporarily Suspends ETH and WETH Deposits and Withdrawals Ahead of Merger

The exchange also announced its intention to remove $USDC as a tradable asset from its platform.

Cryptocurrency exchange Binance announced on Monday that it plans to halt all deposits and withdrawals of Ethereum (ETH) and Wrapped Ethereum (WETH) on certain networks, starting September 6 at 2am (UTC) in anticipation of the Ethereum merger event.

#Binance will suspend deposits and withdrawals for Ether $ETH and Wrapped Ether $WETH on the following networks from September 6, 2022 at 02:00 UTC .

ETH (Arbitrum)ETH (OP)WETH (RON)

In the announcement, the company shared a list of tokens and networks that will be affected in the merger, namely ETH (Arbitrum), ETH (OP), and WETH (RON). The company said Ethereum (ETH) and Wrapped Ethereum (WETH) deposits made on these networks during the suspension will not be credited, and affected users will not be eligible to receive "forked token credit in case of chain splitting". "

The suspension of transactions on named networks is scheduled to last until the merge is complete. According to Binance, this is done to "secure the allocation of forked tokens in the event of a chain split".

Binance has stated that this precautionary measure is only temporary and that deposits and withdrawals of Ether (ETH) and Wrapped Ether (WETH) on the affected networks will resume once the networks are deemed stable once the merge is complete. During the merger, ETH trading will not be affected by named network suspensions.

The long-awaited event is...