Binance Suspends Numerous ETH Tokens During The Merge

Binance announces their temporary suspension to several ETH tokens during The Merge.

Binance is one of the most well known and used cryptocurrency in the world. It has users from different countries around the world.

The cryptocurrency exchange platform moved forward with the decision to temporarily suspend tokens that will be affected during the transition process of Ethereum in The Merge.

Binance informed its customers that they will be suspending all withdrawals and deposits starting today, September 6, at 2 a.m. UTC and will last until The Mege is officially completed.

The crypto company also went to Twitter to inform their large audience, saying, "#Binance will suspend deposits and withdrawals for Ether $ETH and Wrapped Ether $WETH on the following networks starting from September 6, 2022 at 02:00am UTC."

As part of the news, the company provided a rundown of the tokens and networks that would be influenced by The Merge, including ETH (Arbitrum), ETH (OP), and WETH (RON).

Binance Suspends ETH Tokens

Binance stated that the reason behind the suspension is to prepare for the Ethereum Merge and secure the allocation of forked tokens in the case of a chain split, according to Cointelegraph.

This is rather a precautionary measure in order to secure its users against any volatility or loss that might possibly happen.

However, the cryptocurrency company clarified that this suspension will be rather temporary and that regular operations will immediately take place after The Merge is completed.

Deposits and withdrawals of Ether (ETH) and Wrapped Ether (WETH) on the impacted networks will resume when the networks are deemed stable.

The company clarified that the suspension will only be for withdrawals and deposits of Ethereum, while the trading of ETH on its platform will not be affected during the wallet suspension.

According to Binance, "Any deposits of ETH or WETH on the above networks during the suspension will not be credited and will not be eligible for any forked token credit in the event of a chain split."

However, in an unprecedented event or if the affected networks are still unstable, the cryptocurrency platform will notify its users of any further announcements.

Volatility in Ethereum's The Merge

Binance is not the only cryptocurrency platform that has announced a temporary suspension on several tokens related to Ethereum.

Yesterday, September 5, FTX informed its customers ahead of The Merge that they would halt the operations of several Ethereum related tokens on their platform.

FTX also announced that they would continue to open trading. However, the withdrawals and deposits will be suspended until The Merge is completed.

The affected tokens on FTX's platform will be Arbitrum One ETH, Solana (Wormhole) ETH, and Binance Smart Chain (BSC).

These suspensions come as a way to prevent unprecedented events that could possibly happen during The Merge.

It is expected that the transition will bring sudden fluctuations and rises in prices. The value of digital assets such as cryptocurrencies has always been extremely volatile due to the considerable market risk associated with them.

It is possible that the value of investments will move up or down during The Merge, and that consumers will not get back the same amount that they put in.

Volatility will be at an all time high and users who are not mindful of their risk might be on the losing end.

Binance has made it clear that users are entirely responsible for their investment choices, and the exchange will not be held liable for any losses that users may sustain as a result of their decisions.