08-28-2022 icon

Binance to Halt ETH And ERC-20 Transactions Once Ethereum Merge Commences in September 

By Lucy Adegbe
Binance debit card

…The trading protocol highlights its aim to maintain equilibrium as the merge proceeds with the staker’s network conductor  –Beacon Chain– by introducing certain momentary actions. 

Prominent crypto trading platform Binance has noted that it will place a halt on incoming and outgoing payment transactions of the Ethereum coin as well as the Ethereum-based ERC-20 token coin once its blockchain upgrade to proof of stake (PoS) Beacon Chain commences next month.

Binance disclosed this action with the justification of offering equilibrium across the platform once the anticipated Merge, scheduled to happen in midweek of September 2022, kicks off. The biggest trading platform by market cap is reported to be the second to plan an ETH transaction halt after Coinbase’s brief pause in August.

As inferred by the statement from the trading platform, the transaction halt would follow the upgrade timing to enhance an efficient transition of Ethereum from proof of work (PoW) to proof of stake (PoS). 

For clarity, Binance will discontinue these incoming and outgoing Ethereum and ERC-20 transactions on the 6th of September when the Bellatrix consensus layer transition is being done and on the 15th of September during the time of the Paris execution layer transition. 

Binance anticipates that no fresh token coin would emerge during the merge and transactions would be allowed to restart immediately. However, there is a probability of a fresh token coin being developed from the duplication of the Ethereum blockchain into two rivaling chains which would warrant the utilization of an ETH ticker for the transitioned PoS chain. 

Crypto Colliers of the PoW Ethereum blockchain will effortlessly be granted access to send their realized hash amounts into the Ethereum Classic Mining Pool as soon as The Merge is completed.