Leading cryptocurrency exchange Binance is suspending all deposits and withdrawals of Ethereum ETH/USD ahead of the Merge event that will go live this week.
What Happened: Binance said all ETH and Wrapped Ethereum WETH/USD on a number of networks would be suspended on Sept. 6 at 2 a.m. UTC. The suspension will last until The Merge is complete.
The impacted networks include ETH on Arbitrum, ETH on Optimism and WETH on Ronin.
“The suspension will last until the Merge is complete. Deposits and withdrawals of Ether (ETH) and Wrapped Ether (WETH) on the impacted networks will resume when the networks are deemed stable,” said Binance in a blog.
The suspension, according to the cryptocurrency exchange, is a means of securing the appropriate allocation of tokens in case there is a chain split following The Merge.
The highly anticipated Merge event has been described as Ethereum’s most important upgrade to date. The event will transition the blockchain from a Proof-of-Work consensus mechanism to a Proof-of-Stake one.
See Also: WHAT IS ETHEREUM?
Price Action: At the time of writing, ETH was trading at $1,6377, up 4% over the last 24 hours.
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