Binance announces measures to protect customer funds in case of ETH network hardfork
Cryptocurrency exchange Binance will suspend withdrawals and deposits of ETH and ERC-20 tokens during the “Merger” (blockchain’s migration to Proof-of-Work protocol). In an official announcement, platform team announced measures. Which will be taken to minimize trading risks. And to protect customer funds in case of a split network and the emergence of a second Ethereum token.
Deposit and token withdrawal transactions will be suspended on the platform on September 6 during the Bellatrix update. And also on September 15 during the Paris update. The exchange will suspend Binance Crypto Loans. As well as ETH margin borrowings between September 14 and 16.
Spot trading of ETH and ERC-20 will not be affected during Ethereum update. However, Binance has drawn attention to the risk of increased volatility in the event of a hardfork. And reserved the right to suspend margin trading.
In the case of network splitting and new ETH token emergence. Binance will use ETH ticker for PoS Ethereum chain. Withdrawals for another version of token will be supported. But distribution details will be covered in a separate announcement.
Coinbase will suspend Ethereum operations during the “Merger” of network
Cryptocurrency exchange Coinbase announced in its blog. That new deposit and withdrawal transactions in ETH and ERC-20 tokens will be temporarily suspended on Coinbase during Ethereum Merge (blockchain update). Transactions launched before the suspension will also be temporarily delayed.
Coinbase team stated that this will be done as a precautionary measure. To ensure that customer funds are protected. Once the update is complete, processing of suspended transactions will be restarted.
“Merger” is tentatively scheduled for September 15. Customers of Coinbase Prime and Coinbase Exchange services may encounter delays in withdrawals. That’s why Exchange recommends customers to withdraw funds in advance, if necessary.
Users of Coinbase Wallet with ETH and ERC-20 tokens. As well as NFT or DeFi products of Ethereum network, this update should not affect them.
Our experts recommend withdrawing the necessary funds from CEX exchanges in advance. Or convert them to other cryptocurrencies at the time of ETH network update.
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