Binance Suspends ETH and WETH Deposits and Withdrawals Ahead of Merge
To prepare for the Ethereum Merge and secure the allocation of forked tokens in the case of a chain split, Binance said on September 5 that it would suspend deposits and withdrawals for Ethereum (ETH) and Wrapped Ethereum (WETH) on multiple networks on September 6.
The suspension will last until the Merge is complete. Deposits and withdrawals of ETH and WETH on the impacted networks will resume when they are deemed stable.
In the announcement, the company shared a list of tokens and networks that will be impacted during the Merge – namely ETH on the Arbitrum network and the Optimism network, and WETH on the Ronin Network. The trading of ETH will not be affected during the wallet suspension.
The long-awaited Merge is expected to reduce the Ethereum network’s energy consumption, making it more environmentally friendly.
SEE ALSO: Binance Confirms Support for Upcoming Ethereum Merge
In another announcement on September 5, Binance noted that in order to enhance liquidity and capital efficiency for users, it is introducing BUSD Auto-Conversion for users’ existing balances and new deposits of USDC, USDP and TUSD stablecoins at a 1:1 ratio. With effect from September 29, users will trade with a consolidated BUSD balance on the Binance platform that reflects their balances of these four stablecoins (BUSD, USDC, USDP and TUSD) post conversion.