O hard fork londontaking place this week in Ethereum (ETH) promises to bring updates to the second largest blockchain by market value. As a form of preparation, Binance announced you want to suspend certain operations, such as withdrawals and deposits, during the upgrade.
With this, withdrawals and deposits of ETH, as well as ERC-20 tokens will be stopped. Besides the stops, Binance reported what the procedure would look like if users received new tokens with an update.
The suspension will take place on Thursday (5) at 8:55 am Brazil time. This is the time at which 12,965,000 blocks are expected to be mined and in turn hard forked.
Operations and possible new tokens
As mentioned, ETH and ERC-20 token transactions will be suspended ten minutes before the hard fork. Therefore, any transaction must be completed prior to this time, as Binance has not agreed on a time to resume withdrawals and deposits.
On the other hand, the exchange has also stated that it will distribute tokens that can be created through a hard fork. This is because, as a rule, new tokens are often issued to users when the blockchain is split. For example, anyone with 10 ETH can receive 10 split tokens.
Binance will provide ETH users on-chain with maximum computing power. We will also lend to users with minority chain tokens on a one-to-one basis based on the users’ ETH balances at the time of blocking 12,965,000, or approximately 2021-08-05 11:55 (UTC) as indicated. higher. More detailed information about this distribution will be published in a separate announcement, ”the company explained.
However, if no new tokens are created, no cost will be credited. Instead, Binance will simply open trades. In this case, another ad will also be posted.
Internal operations will follow
The suspension will also affect loans from cryptocurrencieswhich will be suspended for ETH. This suspension will start earlier on Tuesday (3) at 5:00 AM and will end when the hard fork occurs on Thursday.
This will affect both retail and OTC loans.
For those who already have ETH on the platform and are not going to withdraw, other transactions will not be affected. That is, spot and margin trading, as well as the futures and options markets, will continue to function normally.
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