The migration of Ethereum to the PoS network is confirmed for September 15, 2022. In relation to this, Binance is preparing for the imminent arrival of the Merge. The crypto exchange platform takes these measures in order to secure investors’ funds. But also to reduce the risks associated with Ethereum trading.
The Merge: confirmed for September 15, 2022
After years of updating, Ethereum’s migration from PoW to a PoS network is confirmed. Indeed, The merge 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 Merge is scheduled to happen in mid-September, according to brothel.wtf. Although the exact date depends on the hashrate, it is a more or less certain date.
The merge: Binance takes action
Binance made announcements on Twitter about the measures taken in relation to the arrival of the merge. Indeed, in the face of the most anticipated event on the crypto planet, Binance wants to protect the funds of investors 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 advent of The merge:
- The platform suspends withdrawals of ERC-20 tokens on September 6 at 11 a.m. GMT and September 15 at 12 p.m.
- Binance will take care of all technical requirements during The Merge
- If there is no fork, deposits and withdrawals of ERC-20 tokens will be available as soon as possible.
- If it has a fork, users’ balances will be credited with the new token, proportional 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 different measures, Binance protects investors against future volatilities 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 its investors.
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