Binance Will Temporarily Halt ETH and wETH Deposits and Withdrawals During Merge

Bitcoin exchange Binance announced Monday it will stop accepting Ether (ETH) and Wrapped Ether (wETH) deposits and withdrawals starting Sept. 6 at 2:00 am UTC and ending around Sept. 15.

While the suspension is in place, deposits made on ETH and wETH will not be credited, and in the event of a chain split, affected users will not receive their forked token credits. Transactions on the named networks will also be suspended until the Merge is complete, according to Binance, to " ensure the allocation of forked tokens in the event of a chain split." ETH and wETH deposits and withdrawals on the impacted networks will resume once the networks are deemed stable after the Merge is completed, according to Binance. As a result of the named network suspensions, ETH trading will not be affected during the Merge.

It is predicted that the long-awaited event will reduce Ethereum's energy consumption by 99.95%, making it more environmentally friendly.

On Sept. 29, Binance plans to introduce a BinanceUSD (BUSD) auto-conversion feature to help users convert USD Coin (USDC), Pax Dollar (USDP), and TrueUSD (TUSD) balances into the BUSD stable coin at a 1:1 rate. Users will not be affected when withdrawing funds in USDC, USDP, and TUSD as this is being done "to enhance liquidity and capital efficiency for users."

—Crypto Weekly