The exchange also announced that it plans to remove USDC from its platform as a tradable asset.

Cryptocurrency exchange Binance announced on Monday that it plans to stop all deposits and withdrawals of Ethereum.

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and Wrapped Ether (wETH) on select networks as of 05:00 UTC on September 6 pending the Ethereum merge event.

In the announcement, the company shared a list of tokens and networks that will be affected during the merger: ETH (Arbitrum), ETH (OP), and WETH (RON). The company said that deposits of ETH and (wETH) made on these networks during the suspension will not be credited and affected users will not be eligible to receive a “forked token in the event of a chain split.”

It is planned that the suspension of transactions in named networks will continue until the consolidation is completed. According to Binance, this is done to “ensure the allocation of forked tokens in the event of a chain split.”

Binance stated that this precautionary step is temporary and that deposits and withdrawals of ETH and (wETH) on the affected networks will resume as soon as the networks are considered stable after the completion of the merger. network pauses.

The long-awaited event is expected to reduce the power consumption of the Ethereum network by around 99.95% and make the network greener.

In another official statement on Monday, Binance revealed that it plans to introduce the BinanceUSD (BUSD) automatic conversion feature on September 29 to help users convert their coins to USD.

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, Pax Dollar (USDP) and TrueUSD (TUSD) are balanced 1:1 against BUSD stablecoin. According to the exchange, this is being done “to improve liquidity and capital efficiency for users” and will not affect users when it comes to withdrawing funds in USDC, USDP and TUSD.

Source: CoinTelegraph