Binance, a major cryptocurrency exchange has issued an intimation for the users surrounding the suspension of a couple of Ethereum-based digital assets.
Ether and Wrapped Ether Suspension
The exchange officials have confirmed that the withdrawals and deposits for Ether (ETH) and Wrapped Ether (wETH) will be suspended and the reason is Merge.
The implementation of the Ethereum Hard Fork “Merge” is to take place very soon. Therefore, all Ethereum node operators and cryptocurrency-related firms are making necessary preparations from their end to prepare for the upgrade implementation.
The exchange officials have confirmed that they have already selected the networks where the deposits and withdrawals for the said cryptocurrencies will be suspended.
Binance is to prepare for the implementation of the Merge on September 6 so the deposit and withdrawal services will be suspended on that particular day.
Additional Tokens to be impacted
While ETH and wETH are the primary tokens that are to be suspended on a particular day, Binance has also announced the same for other tokens.
According to Binance, other networks and tokens that may get impacted by the implementation include WETH (RON), ETH (OP), ETH (Arbitrum), and more.
More details of tokens and networks to be impacted by the implementation have been provided to Binance’s website and other communication channels.
Intimation by Binance
Binance has warned the users not to make deposits or withdrawals for the particular tokens when the implementation is taking place.
They have warned if the users try and execute deposits/withdrawals during the suspension period, they may end up losing their funds. In such a scenario, there is a high possibility that the users may not be eligible for reimbursement of such funds.
Timeframe of Suspension
According to the officials, the suspension of the tokens is to take place on September 6 at 2:00 AM UTC. The suspension of the withdrawal and deposit services for the said tokens is to stay in action until the Merge implementation takes place.
Binance has announced they have made the move in order to secure the forked tokens and allocate them accordingly. This way, any mishaps, and issues can be avoided in case the implementation causes the chain to split.
Binance has assured the officials that the suspension is temporary. Once the implementation of the hard fork has taken place, they will resume the deposits and withdrawals for the mentioned tokens.
The move is to ensure that the project is made safer and smoother ahead of the Merge implementation.
Binance has also confirmed that the trading services for the mentioned tokens will not be impacted throughout the mentioned period.
Initially, Ethereum developers had announced that the implementation is to take place on September 15. The latest update suggests that the implementation may take place somewhere between September 10 and September 20.