Updates Regarding the Upcoming Ethereum Merge (2022-09-13)
The current estimated time for the Ethereum Merge is 2022-09-15 at 01:30 (UTC). Deposits and withdrawals for the Ethereum network (ERC-20) will be suspended one hour before the Merge happens, approximately starting from 2022-09-15 at 00:30 (UTC). This is an estimated time and subject to change, depending on when the Terminal Total Difficulty Value of 58750000000000000000000 is reached.
In the event of a chain split (Scenario B), the Ethereum Proof-of-Work (PoW) Mainnet and its forked token would assume the “ETHW” ticker.
If the ETHW chain persists, Binance will handle all technical requirements involved for all users holding ETH and WETH in their Binance accounts, and credit the forked token (ETHW) to eligible users’ Binance accounts at a ratio of 1:1. Withdrawals for ETHW will also be available at a later date. Further details regarding this distribution will be provided in a separate announcement.
Binance will also be taking the following additional measures prior to the Merge:
1. WETH Deposits & Withdrawals
- Deposits and withdrawals for WETH (Wrapped Ether in ERC-20) will be suspended starting from 2022-09-14 at 00:00 (UTC).
- Any deposits of WETH on the Ethereum network (ERC-20) during this period will not be credited to users’ Binance accounts, and users will not be eligible for any distribution of the forked token in the event of a chain split (Scenario B).
- We will reopen deposits and withdrawals for WETH after the Merge is complete and the network is stable, and notify users in a further announcement.
2. Binance Convert
- WETH to ETH convert pair has been suspended and will remain so until the Merge is complete and the network is deemed stable. Binance reserves the right to update the suspension time of WETH to ETH convert pair with or without prior notice.
3. ETH Margin Trading
- In the event of a chain split (Scenario B), users with liability of ETH on Margin are required to return the forked token. In the event users do not return the forked token, liabilities equivalent to the forked token value will be added to the cross margin account.
- Please note when adding liabilities of forked token, there could be a risk of liquidation, as the added liabilities may decrease Margin Level. Please monitor your Margin Level closely. Users are advised to return the forked token as soon as possible to avoid any potential loss.
4. Binance Crypto Loans
- Users with liability of ETH on Crypto Loans are strongly advised to repay their loans before the Merge happens. In the event of a chain split (Scenario B), liabilities equivalent to the forked token value will be added to the ETH loan position for Crypto Loans users. Users are not required to return the forked token.
- Please note when adding liabilities of forked token, there could be a risk of liquidation, as the added liabilities may increase the Loan-to-Value (LTV) level. Users are advised to close their ETH Crypto Loans orders prior to the Merge to avoid any potential loss.
5. Binance Staking
- In the event of a chain split (Scenario B), users holding BETH will not receive credit for forked tokens. When the funds deposited to the Ethereum staking contract can be released on the Proof-of-Work (PoW) chain, we will notify users in a further announcement.
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Note: This announcement was updated on 2022-09-14 to clarify that users with liability of ETH on Crypto Loans are not required to return the forked token in the event of a chain split (Scenario B), and to advise these users to repay their loans before the Merge happens.
Binance reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.