Binance.US Confirms Support For Ethereum Merge to Proof-of-Stake

Ethereum Merge to Proof-of-Stake
Deposits and Withdrawals for ETH and ERC20 Tokens

Binance.US will support the transition of the Ethereum network from Proof-of-Work (PoW) to Proof-of-Stake (PoS), also known as "The Merge" or "Ethereum 2.0." It will implement the same stringent screening procedure that every digital asset goes through to be listed on Binance.US if new forked coins get created due to the Merge.

Ethereum Merge to Proof-of-Stake

Ethereum Network's notable Merge update is named for merging the Ethereum mainnet and the Beacon Chain. Ethereum can transition from a PoW to a PoS consensus method. In the notice, the exchange described a potential scenario in which Ethereum splits into two rival chains, producing a new coin. The Ethereum mainnet combines with Beacon Chain, and the Merge upgrade thrives.

Deposits and Withdrawals for ETH and ERC20 Tokens

Binance.US will reopen deposits and withdrawals for ETH and ERC20 tokens once the offer is over. A chain split caused by the merge upgrade creates a PoW version and a PoS version of the chain. In this highly speculative case, the ETH ticker reserves for the Ethereum PoS chain. The forked token will be supported for withdrawals, offering information about this distribution in a separate announcement. In its sole discretion, Binance.US maintains the right to modify or amend this notice at any time, including handling the chain split scenario.

Customers of Binance.US are not required to take any action to prepare for the Merge because Binance will handle any upgrades on their behalf. During the network upgrade, it won't impact the trading of ETH and ERC20 tokens. Additionally, for users with ETH and ERC20 tokens in their Binance.US accounts, Binance.US will apply all pertinent technical changes.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Binance.US proof of stake Ethereum Merge

Binance.US Confirms Support For Ethereum Merge to Proof-of-Stake

Usha Yadav

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.