Cryptocurrency

Binance will refund users affected by potential Ethereum fork after the Merge

Due to the planned Ethereum integration between September 10th and September 20th, Binance will refund users affected by a potential fork on the Ethereum chain an amount equal to the amount of ETH they hold. said.

On August 25th, Binance announced plans to support and protect user funds regardless of the outcome of the Ethereum integration.

Deposits and withdrawals are suspended

For starters, Binance said it will suspend ETH and ERC-20 token deposits and withdrawals during the Bellatrix Consensus and Paris execution layer upgrades on September 6 and September 15, respectively.

Binance will refund users in the event of a fork

Binance also hinted at two possible scenarios after the merger.

If the mainnet is not split, no new tokens will be created. In this case, Binance will resume deposits and withdrawals as soon as possible.

On the other hand, if the Ethereum chain forks as a result of the merge, a new token will be created and the PoS chain’s token will retain the ‘ETH’ ticker. Binance will refund the forked token to the user 1:1.

We then deposit tokens forked from the minority chain into users’ Binance accounts at a 1:1 ratio, based on a snapshot of their ETH balances before the Paris Execution Layer upgrade.

Binance also said that forked tokens would be subject to a rigorous listing process before opening for trading.

Staking service is suspended

Binance users who stake ETH in the BETH pool will not be able to make deposits or withdrawals from September 14th to September 16th.

DeFi staking options will also stop receiving new subscriptions during the merge period. After a successful merge, all staking services will be restarted.

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