platform stated Binancethat deposits and withdrawals on the Ethereum network (ERC20) will be temporarily suspended starting August 31 at 6:25 am (UTC), for maintenance close to the stop.
Binance reports that it needs regarding three hours for maintenance, and will resume deposits and withdrawals following completion, although it may not inform users at a later notice.
According to a statement from Binance last week, Ethereum and ERC-20 deposits and withdrawals will be paused twice in the next few weeks at approximately 11am UTC on September 6 during the Bellatrix upgrade, and at 12am UTC. On September 15th during the Paris promotion. It intends to provide updates once deposits and withdrawals resume following both upgrades.
This is necessary for preparations for the transition of Ethereum to Proof of Stake, scheduled for mid-September.
In a series of tweets, Binance stated, “Ethereum will transition to PoS at approximately 12:30AM UTC on September 15, 2022.” Before any possible repercussions of this event, the platform is taking steps to reduce trading risks and to keep user funds “safe”.
Binance Prepares to ‘Merge’
This transition, referred to as “merging,” turns Ethereum from a Proof of Work PoW to a PoS PoS mechanism.
Bellatrix, the consensus layer upgrade, and ‘Paris’, the implementation layer upgrade, are the upgrades that will make this transformation happen. I assumed two scenarios that might happen following the merger and its contingency plans.
First, if there is no fork and no new coin is generated, Binance will resume deposits and withdrawals from Ethereum and ERC-20 as soon as possible.
Second, if the ETH split creates a new coin and two competing networks. The Ethereum PoS network will be identified by the ETH ribbon, and a fork will be added to users.
Additionally, Binance said that it will temporarily suspend deposits and withdrawals on BETH starting at 12:00 PM. On September 14, 2022, and ends at 12:00 pm on September 16, 2022.
It added that following the stake transfer is proven, staking (Ethereum 2.0) will resume. However, the withdrawal and redemption features of stacked ETH will not be enabled until the Shanghai upgrade in a few months.
Source: Binance