It is official that Ethereum will switch to a PoS network on September 15, 2022. In regard to this, Binance is getting ready for the upcoming Merge. These precautions are taken by the cryptocurrency exchange platform to protect investors’ money. But also to lessen the dangers connected with trading Ethereum.
#Ethereum will migrate to a PoS chain at approximately 12:30am UTC on September 15, 2022.— Binance (@binance) August 25, 2022
Ahead of any possible ramification from this event, #Binance is taking steps to reduce trading risks and to keep user funds SAFU.
🧵 on some things to note about our plans for The Merge.
Confirmed date of September 15, 2022 for The Merge
Ethereum’s transition from a PoW to a PoS network has been confirmed after years of upgrades. According to Binance’s tweet, the integration will indeed occur on September 15, 2022, around 12:30 GMT. On August 12, Vitalik Buterin also tweeted that, according to brothel.wtf, the Merge is planned to take place in the middle of September. Although the hashrate determines the precise date, it is a date that is more or less certain.
The amalgamation: Binance acts
On Twitter, Binance announced the actions taken in response to the impending merging. In fact, Binance wishes to safeguard the funds of platform investors in the face of the most awaited event in the crypto world. But she also wants to reduce the risks connected with trading cryptocurrencies.
Binance has prepared for the arrival of The merging in order to achieve this:
- On September 6 at 11 a.m. GMT and on September 15 at 12 p.m. GMT, the platform suspends ERC-20 token withdrawals.
- During The Merge, Binance will handle all technical requirements.
Deposits and withdrawals of ERC-20 tokens will be possible as soon as possible even if there is no fork.
- In the event of a fork, users will have their balances adjusted to reflect the new token in proportion to their ETH balance.
- Trading in Ethereum and ERC-20 tokens on Binance will continue after The Merge. And the same is true for all other services and goods offered by Binance.
- Additionally, starting September 14 at noon GMT and September 16 at the same time, Binance will stop accepting deposits and withdrawals for BETH.
- Only after the Shanghai update will it be possible to withdraw ETH that has been staked.
With these many safeguards, Binance guards against potential volatility brought on by The Merge. The platform also states that the monies are “secure” on Binance at the end of the tweets. a fantastic means of assuring its investors.