The upcoming Merge is causing exchanges to be cautious, as Binance plans to freeze ETH and WETH deposits and withdrawals soon.
In the announcement, the company shared a list of tokens and networks that will be impacted during the Merge — Namely ETH , ETH and WETH . The company stated that deposits of Ethereum and Wrapped Ethereum made on these networks during the suspension will not be credited, and affected users will not be eligible to receive any “forked token credit in the event of a chain split."
The suspension of transactions on the named networks is scheduled to last until the Merge is complete. According to Binance, this is being done to “secure the allocation of forked tokens in the case of a chain split." Binance said that this precautionary move is only temporary, and that deposits and withdrawals of Ether and Wrapped Ether on the impacted networks will resume once the networks are deemed stable after the Merge is complete. During the Merge, ETH trading will not be impacted by the named network suspensions.
The long-awaited event is expected to reduce the Ethereum network's energy consumption by a predicted 99.95%, making it more environmentally friendly.
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