fbpx
Skip to content Skip to sidebar Skip to footer

Binance Users Affected by Possible Ethereum Fork Post-Merge Will Be Refunded

Binance BNB rockets due to Binance Pay

According to Binance, with the anticipation of the Ethereum Merge that will occur between September 10 and September 20, anyone who is affected by the potential fork will receive an equal amount of their ETH holdings as refund.

On August 25, Binance made an announcement that it intends to support and safeguard user funds regardless of how the Ethereum merge ends up.

First, Binance announced it will halt deposits and withdrawals for ETH and ERC-20 tokens when the Bellatrix consensus and Paris execution layer are undergoing upgrades on September 6 and September 15 respectively.

Additionally, Binance suggested two likely possibilities after the merge.

If the mainnet does not split, there will not be any production of new tokens. In this scenario, Binance will immediately resume deposits and withdrawals.

On the other hand, a new token will be produced and the ticker for the PoS chain’s token will remain as “ETH” if the Ethereum merge ends up creating a fork. Users will receive a 1:1 refund of the forked token.

Binance added that, before the split token can initiate trading, it will have to pass through strict listing process first.

Starting from September 14 until September 16, Binance users whose ETH is staked in the BETH pool will be unable to make deposits or withdrawals.

During the merge period, all of the new subscriptions to the DeFi staking option will be halted. Once the Merge has been completed successfully, all staking services will be resumed.

Leave a comment

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain & crypto news provider, covering daily news focused on trading and investment developments in bitcoin and crypto. We bring you expansive crypto news coverage around the world. We offer many thought leadership opinions from blockchain experts and leaders of the industry.

Subscribe to SCN

© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

111 North Bridge Road, 21-01, Peninsula Plaza, Singapore 179098.

Phone: +65-80282938

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in crypto. We bring you expansive crypto news coverage especially in Asia, with a focus on Singapore, Thailand and Southeast Asia.

Follow Us On

© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us