Binance to suspend deposits and withdrawals of ETH and ERC-20 tokens during London hard fork – Bits Media

Ethereum London hardfork scheduled for block 12 965 000. To mitigate risks, Binance has announced the suspension of ETH and ERC-20 token deposits and withdrawals for the duration of the update.

The update will take place around 14:55 5 August Moscow time. Input and output crypto acts to the Ethereum network will be suspended 5 August in 14:45 and last until the update is completed. Probably, Other exchanges will take similar actions.

Representatives of Binance write about two possible options for the development of events. In the first, The most favorable, The update will take place without errors and without separation of networks. In this way, No new coins will be created and the work of Binance with the Ethereum network will be restored as soon as possible.

In a less favorable version, the second cryptocurrency network can be divided into two chains, respectively, new coins and tokens will be created. Binance will take ETH from the dominant chain, as well as enroll tokens from a less popular chain in the proportion 1:1 Based on the points on the block 12,965,000. Details in this case will be reported in a separate application.

The update will not affect urgent and marginal trade, Futures trading, OPTIONALS AND TOKENAMI ETHUP AND ETHDOWN. The conversion service and the OTC portal will also continue to work without interruptions. But loans in ETH will not be available with 11 morning in Moscow time 3 August to 14:55 5 August.

Activation of the London hardford will lead to that, that some tokens will become completely useless. We are talking about "gas tokens", Built on the mechanism of gas compensation.