The migration of Ethereum to the PoS network is confirmed for September 15, 2022. In this regard, Binance is preparing for the arrival of the upcoming Merger. The crypto exchange platform takes these measures to secure investors’ funds. But also to reduce the risks associated with Ethereum trading.
The Merger: confirmed for September 15, 2022
After years of updating, the migration of Ethereum from PoW to the PoS network is confirmed. Indeed, the merger will take place on September 15, 2022, around 12:30 GMT according to Binance’s tweet. Vitalik Buterin also tweeted on August 12 that the Merger is scheduled to happen in mid-September, according to brothel.wtf. Although the exact date depends on the hashrate, it is more or less a definite date.
The merger: Binance takes action
Binance made announcements on Twitter about the steps taken regarding the arrival of the merger. In fact, in view of the most anticipated event on the crypto planet, Binance wants to protect investors’ funds on the platform. But not only that, she also wants to minimize the risks associated with crypto trading.
To do this, Binance has made plans for the arrival of the merger:
- The platform suspends ERC-20 token withdrawals on September 6 at 11 am GMT and September 15 at 12 pm
- Binance will take care of all the technical requirements during The Merge
- If there is no fork, deposits and withdrawals of ERC-20 tokens will be made available as soon as possible.
- If it has a fork, the new token will be credited to user balances, in proportion to their ETH balance
- Ethereum and ERC-20 token trading on Binance will still be available during The merge. And this is also the case for other Binance products and services.
- Binance is also suspending BETH deposits and withdrawals on September 14 at 12:00 GMT and September 16 at the same time.
- Withdrawals from staked ETH will only be available after the Shanghai upgrade.
With these various measures, Binance protects investors against future fluctuations due to The Merge. At the end of the tweets, the platform also adds that the funds are “safe” on Binance. A great way to reassure his investors.
Get a summary of news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss any of the essential Cointribune!
